Stocks closed lower on Wednesday With the Dow Jones Industrial Average (DJI) It fell for the first time in six trading days, dropping 171.69 points to close at 33980.32.
bed bath behind (BBBY): According to a regulatory filing, GameStop President Ryan Cohen is selling his entire stake in the company. RC Cohen Projects She owns an 11.8% stake in the company and plans to sell the possession within the next 90 days. The sale move follows RC Ventures’ filing earlier this week which revealed that the company owns 9.45 million shares in Bed Bath & Beyond, including purchase options on 1.67 million shares. So far this month, Bed Bath & Beyond prices are up more than 300%.
Cisco (CSCO): Cisco beat the top and bottom lines in the fourth quarter and posted better-than-expected guidance, sending stocks higher in after-hours trading. The company reported revenue of $13.1 billion for the fourth quarter on a profit of 83 cents. Cisco CEO Chuck Robbins noted in the earnings statement that “full-year product orders and delays alike are at record levels and reflect the strong demand we continue to see for our innovations and the overall value we deliver to our customers as they accelerate digital transformation.” Eric told Sobiger, Senior Research Analyst at JMP Securities, told Yahoo Finance that the findings “will suggest, along with feedback from other companies, that we are at least past the toughest periods of supply chain constraints.”
Bath and Body Works (bbwi): The stock fell in after-hours trading after the retailer cut its earnings presentation for the year. Bath & Body Works has announced cost-cutting measures, including the cancellation of 130 roles, as the company navigates “the challenging environment and inflationary pressure affecting our customers and our business.” In the second quarter, operating income was $241.8 million and net sales were $1.618 billion, down 5% from a year ago.
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