Here’s what you need to know on Friday, August 19:
Bed Bath & Beyond (BBBY) caused a stir on Thursday after news that retail favorite Ryan Cohen’s RC Ventures sold its stake in BBBY. Ryan Cohen chairs GameStop (GME), the genesis of the species, when it comes to meme stocks. BBBY is down 40% after hours (the author is a short and long put). Outside of the meme space, momentum is starting to wane as this rally gets longer. Futures traded lower on Friday, with some decent sell options expected to flow through expiration. Risk aversion is building as some profit-taking and riskier sides hit the Nasdaq. Bitcoin’s 7% drop also hit risk appetite, and we’ve noticed a high correlation between Bitcoin and Nasdaq recently. Bitcoin is currently down 7% at $21,400.
Oil was at $89, down slightly from Thursday as overnight yields rose. Gold also fell to $1,751 and the dollar index rose to 108 on rising yields and some risk aversion.
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European Markets Mixed: Europe Stoxx -0.5%, FTSE flat and Dax -0.5%
US futures also lower: S&P -0.9 %, Nasdaq -1% and Dow -0.7%.
Wall Street Headlines (QQQ) (SPY)
Yields rise globally, Germany up 13 bps, U.S. 10-year yields up nearly 10 bps
Bed Bath and Beyond (BBBY) : Ryan Cohen The investment firm sold its stake, and the stock price collapsed.
Deere (DE) lowered guidance, down 5%.
Foot Locker (FL) Earnings over and new CEO.
WEBR (WEBR) Interested in retail memes.
Applied Materials (AMAT) outperforms earnings.
Home Depot (HD) outlines share repurchase program.
Bill.com (BILL) Strong earnings.
General Motors (GM) resumed dividend.
Meta Platform (META) Morgan Stanley lowered its forecast.
Wayfair (W) announces layoffs.
GameStop (GME) down 10%.
Madison Square Garden (MSGE) Revenue growth.
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