Niraj Shah, CEO, Wayfair
Ashlee Espinal | CNBC
Check out the companies making headlines in midday trading.
Foot Locker — The retail stock surged 20% after it appointed former Ulta Beauty head Mary Dillon as its chief executive officer, replacing Richard Johnson. Foot Locker also reported a smaller-than-expected drop in comparable sales for the second quarter and profit that was above estimates.
Bill.com — Shares soared 16.7% after the financial back-office software provider surpassed earnings expectations in its most recent quarter. Bill.com also issued strong guidance.
Cineworld Group — Shares tumbled 58.3% following a Wall Street Journal report that the British cinema chain is preparing to file for bankruptcy. Cineworld Group struggled to attract moviegoers back into its theaters after the pandemic.
Bed Bath & Beyond — Shares of the struggling retailer plunged 40.5% after activist investor Ryan Cohen dumped his entire stake in the company. Bed Bath & Beyond had surged this month in a move reminiscent of the meme stock craze of 2021, with heavy trading volume and social media activity.
Madison Square Garden Entertainment — Shares gained 3.5% after it planned to spin off 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 dropped 11.3% following a sudden overnight sell-off in bitcoin. Bitcoin is trading below $22,000, a more than three-week low.
Wayfair — The furniture retailer’s stock price plunged 20.1% after Wayfair cut 870 jobs, or roughly 5% of its global workforce. Wayfair believes the $30 million to $40 million hit from the headcount reduction will hit in the third quarter.
DoorDash — The food delivery stock dropped 2.6% following an Insider report that DoorDash will end its partnership with Walmart next month. DoorDash delivered products for Walmart for more than four years.
General Motors — General Motors gained 2.5% after the automaker announced it would reinstate 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 line operators fell Friday. Carnival, Norwegian Cruise Line Holdings and Royal Caribbean declined 5.6%, 4.6% and 5.2%, respectively.
— CNBC’s Yun Li, Jesse Pound and Carmen Reinicke contributed reporting.
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