Stocks closed lower on Wednesday with the Dow Jones Industrials Average (DJI) fell for the first time in six trading days, falling 171.69 points to close at 33,980.32.
Bed Bath & Further (BBBY): GameStop chairman Ryan Cohen is selling his entire stake in the company, according to a registration filing. Cohen’s RC Ventures has an 11.8% stake in the company and plans to sell the company within the next 90 days. The move to sell follows RC Ventures’ filing earlier this week, which revealed that the company owned 9.45 million shares of Bed Bath & Beyond, including call options on 1.67 million shares. So far, Bed Bath & Beyond is up over 300% this month.
Cisco (CSCO): Cisco beat the top and bottom lines in the fourth quarter, posting a better-than-expected outlook, pushing the stock higher in after-hours trading. The company reported revenue of $13.1 billion for the fourth quarter on a profit of 83 cents. Chuck Robbins, CEO of Cisco, 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 provide to our customers as they accelerate their digital transformation.” JMP Securities Senior Research Analyst Erik Suppiger told Yahoo Finance that the results “suggested, along with comments from other companies, that at least we are past the toughest periods of supply chain constraints.”
Bath & Body Works (BBWI): The stock fell in after-hours after the retailer lowered its profit forecast for the year. Bath & Body Works announced cost-cutting measures, including the elimination of 130 positions, as the company faces “the challenging environment and inflationary pressures affecting our customers and our business”. For 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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