{"id":63496,"date":"2022-08-19T09:08:20","date_gmt":"2022-08-19T13:08:20","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=63496"},"modified":"2022-08-19T09:08:20","modified_gmt":"2022-08-19T13:08:20","slug":"coffee-with-greta-traders-dump-bbby","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/08\/19\/coffee-with-greta-traders-dump-bbby\/","title":{"rendered":"Coffee With Greta: Traders Dump $BBBY"},"content":{"rendered":"

DJIA Futures: <\/b>-262 (-0.8%)<\/span><\/p>\n

SPX Futures: <\/b>-42 (-1%)<\/span><\/p>\n

NASDAQ Futures: <\/b>-154 (-1.1%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are falling with the S&P 500 on track to snap its 4-week winning streak.<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

$BBBY Plunges As Ryan Cohen Sells Stake<\/span><\/h2>\n

Bed Bath & Beyond <\/b>(BBBY) shares are plunging -42.4% ahead of the open after activist investor and <\/span>GameStop <\/b>(GME) chairman Ryan Cohen sold off his stake in the company.\u00a0<\/span><\/p>\n

An SEC <\/span>filing<\/span><\/a> shows Cohen\u2019s venture capital firm RC Ventures dumped all of its BBBY stock on Wednesday at a range of prices between $18.68 and $29.22 per share.\u00a0<\/span><\/p>\n

Those shares were originally purchased at an average of roughly $15.34 per share in March.\u00a0<\/span><\/p>\n

RC Ventures also sold the call options it purchased earlier this week.<\/span><\/p>\n

GM To Reinstate Dividend, Increase Share Buyback Program<\/span><\/h2>\n

General Motors <\/b>(GM) shares are up 1.5% in premarket trade after the automaker announced it is reinstating its quarterly dividend.<\/span><\/p>\n

The company cut that dividend during the early days of the pandemic to preserve cash.<\/span><\/p>\n

GM\u2019s board of directors authorized a $0.09 per share dividend, roughly 76% smaller than the $0.38 per share dividend when it was suspended in April 2020.<\/span><\/p>\n

CEO Mary Barra said progress on \u201ckey strategic initiatives has improved our visibility and strengthened confidence in our capacity to fund growth while also returning capital to shareholders.\u201d<\/span><\/p>\n

The first dividend will be paid September 15 to all shareholders of record as of August 31.<\/span><\/p>\n

GM is also resuming its share buyback program and increasing it to $5 billion of common stock, up from $3.3 billion previously.\u00a0<\/span><\/p>\n

Foot Locker Surges on Strong Earnings, CEO Transition<\/span><\/h2>\n

Foot Locker <\/b>(FL) shares are rallying 21% ahead of the open after beating Q2 expectations.\u00a0<\/span><\/p>\n

The sneaker retailer reported adjusted earnings of $1.10 per share on $2.07 billion in revenue.\u00a0<\/span><\/p>\n

That was better than analysts\u2019 expectations for EPS of $0.80 per share and in line with revenue estimates.\u00a0<\/span><\/p>\n

Foot Locker\u2019s same-store sales fell 10.3% year over year vs analysts\u2019 expectations for a 14.6% decline.\u00a0<\/span><\/p>\n

The company cut its full-year adjusted EPS outlook to $4.25 to $4.45 down from $4.25 to $4.60.\u00a0<\/span><\/p>\n

Analysts were estimating $4.42 per share.\u00a0<\/span><\/p>\n

Foot Locker also announced its CEO will retire Sept 1 and will remain executive chairman until January 31, 2023.\u00a0<\/span><\/p>\n

Former <\/span>Ulta Beauty <\/b>(ULTA) CEO Mary Dillon will become CEO effective September 1.\u00a0<\/span><\/p>\n

Dillon said, “I am thrilled to be joining Foot Locker, an iconic company that possesses a strong set of values and focus on the customer experience as well as tremendous growth opportunities.”\u00a0<\/span><\/p>\n

Oil Prices Drop As Recession Fears Take Over<\/span><\/h2>\n

Oil prices are lower today as recession fears overpower demand concerns.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are down 1.5% to $89 bbl while Brent crude futures are down 1.8% to under $95 bbl.<\/span><\/p>\n

Both are on track for weekly losses of more than 3%<\/span><\/p>\n

Cryptocurrencies Plunge<\/span><\/h2>\n

Major cryptocurrencies are plunging amid a sudden drop across the market after a recent rebound.\u00a0<\/span><\/p>\n

CoinGecko<\/span><\/a> shows Bitcoin is down 9% in the past 24 hours to $21,425 while Ethereum is down 8.9% to $1,699.<\/span><\/p>\n

That\u2019s Bitcoin\u2019s lowest level in more than three weeks after the coin recently pushed back above $25,000 for the first time in June.\u00a0<\/span><\/p>\n

Analysts saw no real catalyst for the drop besides continued concerns across risk assets about the Fed\u2019s tightening schedule.\u00a0<\/span><\/p>\n

The July meeting minutes on Wednesday showed the bank won\u2019t be finished with rate hikes until inflation shows significant signs of improvement across the board.<\/span><\/p>\n

The sudden drop in the crypto market is weighing on <\/span>Coinbase <\/b>(COIN) with shares down 9.4% in premarket trade.<\/span><\/p>\n

In Case You Missed It<\/span><\/h2>\n
    \n
  • The National Association of Realtors reported existing home sales fell 5.9% in July to a seasonally adjusted annual rate of 4.81 million units. That was in line with expectations and the slowest pace of sales since November 2015. Supply remained tight with 1.31 million homes for sale at the end of July, a 3.3-month supply. Prices cooled a bit as the market slows. The median price of an existing home sold in July was $403,800, down from the record-high in June but up 10.8% year over year.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

    DJIA Futures: -262 (-0.8%) SPX Futures: -42 (-1%) NASDAQ Futures: -154 (-1.1%) Good morning friends! Futures are falling with the S&P 500 on track to snap its 4-week winning streak. Let\u2019s get right to it! $BBBY Plunges As Ryan Cohen Sells Stake Bed Bath & Beyond (BBBY) shares are plunging -42.4% ahead of the open after activist investor and GameStop (GME) chairman Ryan Cohen sold off his stake in the company.\u00a0 An SEC filing shows Cohen\u2019s venture capital firm RC Ventures dumped all of its BBBY stock on Wednesday at a range of prices between $18.68 and $29.22 per share.\u00a0 Those shares were originally purchased at an average of roughly $15.34 per share in March.\u00a0 RC Ventures also sold the call options it purchased earlier this week. GM To Reinstate Dividend, Increase Share Buyback Program General Motors (GM) shares are up 1.5% in premarket trade after the automaker announced it is reinstating its quarterly dividend. The company cut that dividend during the early days of the pandemic to preserve cash. GM\u2019s board of directors authorized a $0.09 per share dividend, roughly 76% smaller than the $0.38 per share dividend when it was suspended in April 2020. CEO Mary Barra said progress on \u201ckey strategic initiatives has improved our visibility and strengthened confidence in our capacity to fund growth while also returning capital to shareholders.\u201d The first dividend will be paid September 15 to all shareholders of record as of August 31. GM is also resuming its share buyback program and increasing it to $5 billion of common stock, up from $3.3 billion previously.\u00a0 Foot Locker Surges on Strong Earnings, CEO Transition Foot Locker (FL) shares are rallying 21% ahead of the open after beating Q2 expectations.\u00a0 The sneaker retailer reported adjusted earnings of $1.10 per share on $2.07 billion in revenue.\u00a0 That was better than analysts\u2019 expectations for EPS of $0.80 per share and in line with revenue estimates.\u00a0 Foot Locker\u2019s same-store sales fell 10.3% year over year vs analysts\u2019 expectations for a 14.6% decline.\u00a0 The company cut its full-year adjusted EPS outlook to $4.25 to $4.45 down from $4.25 to $4.60.\u00a0 Analysts were estimating $4.42 per share.\u00a0 Foot Locker also announced its CEO will retire Sept 1 and will remain executive chairman until January 31, 2023.\u00a0 Former Ulta Beauty (ULTA) CEO Mary Dillon will become CEO effective September 1.\u00a0 Dillon said, “I am thrilled to be joining Foot Locker, an iconic company that possesses a strong set of values and focus on the customer experience as well as tremendous growth opportunities.”\u00a0 Oil Prices Drop As Recession Fears Take Over Oil prices are lower today as recession fears overpower demand concerns.\u00a0 West Texas Intermediate crude futures are down 1.5% to $89 bbl while Brent crude futures are down 1.8% to under $95 bbl. Both are on track for weekly losses of more than 3% Cryptocurrencies Plunge Major cryptocurrencies are plunging amid a sudden drop across the market after a recent rebound.\u00a0 CoinGecko shows Bitcoin is down 9% in the past 24 hours to $21,425 while Ethereum is down 8.9% to $1,699. That\u2019s Bitcoin\u2019s lowest level in more than three weeks after the coin recently pushed back above $25,000 for the first time in June.\u00a0 Analysts saw no real catalyst for the drop besides continued concerns across risk assets about the Fed\u2019s tightening schedule.\u00a0 The July meeting minutes on Wednesday showed the bank won\u2019t be finished with rate hikes until inflation shows significant signs of improvement across the board. The sudden drop in the crypto market is weighing on Coinbase (COIN) with shares down 9.4% in premarket trade. In Case You Missed It The National Association of Realtors reported existing home sales fell 5.9% in July to a seasonally adjusted annual rate of 4.81 million units. That was in line with expectations and the slowest pace of sales since November 2015. Supply remained tight with 1.31 million homes for sale at the end of July, a 3.3-month supply. Prices cooled a bit as the market slows. The median price of an existing home sold in July was $403,800, down from the record-high in June but up 10.8% year over year.<\/p>\n","protected":false},"author":41,"featured_media":63497,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-63496","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coffee-with-greta"],"_links":{"self":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63496","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/users\/41"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/comments?post=63496"}],"version-history":[{"count":2,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63496\/revisions"}],"predecessor-version":[{"id":63500,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/posts\/63496\/revisions\/63500"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media\/63497"}],"wp:attachment":[{"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/media?parent=63496"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/categories?post=63496"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.t3live.com\/wp-json\/wp\/v2\/tags?post=63496"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}