Stocks closed lower on Wednesday with the Dow Jones Industrials Average (DJI) falling for the first time in six trading days, declining 171.69 points to close at 33,980.32.
Bed Bath & Beyond (BBBY): GameStop Chairman Ryan Cohen is selling his entire stake in the company, according to a regulatory filing. Cohen’s RC Ventures holds an 11.8% stake in the company and plans to sell the holding within the next 90 days. The move to sell follows RC Ventures filing earlier this week which revealed the company held 9.45 million shares of Bed Bath & Beyond, including call options on 1.67 million shares. So far this month, Bed Bath & Beyond has soared more than 300%.
Cisco (CSCO): Cisco beat on the top and bottom lines in the fourth quarter and posted better-than-expected guidance, pushing shares higher in after hours trading. The company reported revenue of $13.1 billion for the fourth quarter on earnings of 83 cents. Cisco CEO Chuck Robbins noted in the earnings release that “Full year product orders and backlog are both at record highs and reflect the strong demand we continue to see for our innovation and the overall value we bring to our customers as they accelerate their digital transformation." JMP Securities Senior Research Analyst Erik Suppiger told Yahoo Finance that the results “would suggest, along with the commentaries from other companies, that we're at least past the most difficult periods of supply chain constraints.”
Bath & Body Works (BBWI): The stock fell in after hours trading after the retailer cut its earnings view for the year. Bath & Body Works announced cost-cutting measures, including the elimination of 130 roles, as the company navigates “the challenging environment and inflationary pressure affecting our customers and our business.” For the second quarter, operating income was $241.8 million and net sales totaled $1.618 billion, a decrease of 5% from a year ago.
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