Niraj Shah, CEO, Wayfair
Ashlee Espinal | CNBC
Find out which companies are making headlines in the midday business.
Foot Locker – Retail stock jumped more than 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 14% 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% 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 plunged more than 40% 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 more than 2% after it planned to spin off its live entertainment business, including its New York venue Madison Square Garden, as well as the Hulu Theater and Radio City Music Lobby.
Coinbase – Shares of the cryptocurrency exchange operator fell nearly 10% 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 16% 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 more than 4% 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 1.97% 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 each fell more than 6%.
– CNBC’s Yun Li, Jesse Pound and Carmen Reinicke contributed reporting.