Niraj Shah, CEO, Wayfair
Ashlee Espinal | CNBC
Find out which companies are making headlines in the midday business.
Foot Locker – Retail stock jumped 20% after it named former Ulta Beauty director Mary Dillon as chief executive, replacing Richard Johnson. Foot Locker also reported a weaker-than-expected comparable sales decline for the second quarter and higher-than-expected profit.
Bill.com – Shares soared 16.7% after the financial back-office software provider beat profit expectations in its latest quarter. Bill.com has also published strong guidelines.
Cineworld Group – Shares fell 58.3% following a Wall Street Journal report that the British cinema chain is set to file for bankruptcy. Cineworld Group has struggled to attract moviegoers to its theaters after the pandemic.
Bed Bath & Beyond – Shares in the struggling retailer fell 40.5% after activist investor Ryan Cohen dumped his entire stake in the business. Bed Bath & Beyond had surged this month in a move reminiscent of the very stock craze of 2021, with heavy trading volume and social media activity.
Madison Square Garden Entertainment – Shares gained 3.5% after it planned to divest its live entertainment business, including its New York performance venue Madison Square Garden, as well as the Hulu Theater and Radio City Music Hall.
Coinbase – Shares of the cryptocurrency exchange operator fell 11.3% following a sudden overnight selloff in bitcoin. Bitcoin is trading below $22,000, a more than three-week low.
Wayfair – The furniture retailer’s share price fell 20.1% after Wayfair cut 870 jobs, or around 5% of its global workforce. Wayfair believes the $30 million to $40 million impacted by the downsizing will be hit in the third quarter.
DoorDash – Food delivery stock fell 2.6% following an insider report that DoorDash will end its partnership with Walmart next month. DoorDash has delivered products for Walmart for over four years.
General Motors – General Motors gained 2.5% after the automaker announced it would restore its quarterly dividend, which was cut during the pandemic. The company also increased its buyback program to $5 billion from $3.3 billion.
Carnival – Shares of cruise operators fell on Friday. Carnival, Norwegian Cruise Line Holdings and Royal Caribbean fell 5.6%, 4.6% and 5.2% respectively.
– CNBC’s Yun Li, Jesse Pound and Carmen Reinicke contributed reporting.