Cryptos fall, BBBY shares continue drop and more: Friday's 5 things to know
Keep an eye on Bill.com which is on the rise as well as shares of a rare Chinese initial public offering on the Nasdaq
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Here are the key events taking place on Friday that could impact trading.
CRYPTO DROP: Cryptocurrencies fell sharply on Friday dragging bitcoin to a three-week low. The reason for the drop was not immediately known. Bitcoin fell as much as 7.7% to $21,404 over a few minutes overnight. Bitcoin rebounded a bit to nearly $22,000 but was down more than 2% in the past week.
For the month, the cryptocurrency was off by more than 1% and down more than 49% year-to-date.
Ethereum fell more than 5% to around $1,700 and is down more than 1% in the past week.
Two bitcoin coins lie on a table. (Fernando Gutierrez-Juarez/dpa-Zentralbild/dpa (Photo by Fernando Gutierrez-Juarez/picture alliance via Getty Images / Getty Images)
BED, BATH & BEYOND: Shares of the retailer are plunging another 41% in premarket trading after investor Ryan Cohen sold his shares for average prices between $18.68 to $29.22 per share, a regulatory filing said.
The GameStop chair sold the stock Tuesday and Wednesday.
The premarket drop follows a nearly 20% fall in the regular trading session.
Bed Bath and Beyond store facade in red (iStock / iStock)
Cohen’s interest in Bed Bath & Beyond sent shares on a rollercoaster ride this week.
BED BATH & BEYOND SLIDES AFTER RYAN COHEN FILES FOR STAKE SALE
BILL.COM: Shares surged 20% in after-hours trading. The provider of cloud-based software that simplifies, digitizes, and automates financial operations topped Wall Street revenue and profit estimates. Fiscal fourth-quarter revenue grew 156% to $200.2 million. Analysts expected $183.1 million. Core revenue, which consists of subscription and transaction fees, rose 151% to $194.8 million.
The net loss for the three months that ended June more than doubled to $84.9 million from $41.9 million. The non-GAAP loss was 3 cents, beating the analyst estimate of 14 cents.
Deere & Co. is one of the companies reporting earnings on Friday. (Luke Sharrett/Bloomberg via Getty Images / Getty Images)
KOHL'S CUTS ANNUAL FORECASTS AS INFLATION SQUEEZES DEMAND
GIGACLOUD TECHNOLOGY: The e-commerce company made its debut on the Nasdaq on Thursday, a rare initial public offering by a Chinese company, according to the Wall Street Journal. The company’s stock jumped 28% to $15.69. It is an online platform that connects manufacturers of bulky consumer items with buyers around the world, raised $36 million in gross proceeds after selling 2.94 million Class A shares. The deal valued the company at $486 million.
OIL PRICES: Edged lower on Friday, putting the brakes on a rally in the last couple of days. Investors tried to weigh hopes for strong fuel demand after a larger-than-expected drawdown in U.S. crude stocks.
Storage tanks are seen at Marathon Petroleum's Los Angeles Refinery. (REUTERS/Bing Guan / Reuters Photos)
U.S. West Texas Intermediate crude was around $90.00 a barrel, following a 2.7% increase in the previous session. Brent crude futures traded around $96.00 a barrel after settling 3.1% higher on Thursday.
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Still, the benchmark contracts were headed for weekly losses of about 1.5%.