Bed Bath & Beyond, Cisco, Bath & Body Works

Shares closed lower on Wednesday with the Dow Jones Industrials Average (DJI) fell for the first time in six trading days, down 171.69 points to close at 33,980.32.

Bed bath and beyond (BBBY): GameStop Chairman Ryan Cohen is selling his entire stake in the company, according to a regulatory filing. Cohen’s RC Ventures holds an 11.8% stake in the company and expects to sell the stake within the next 90 days. The decision to sell follows RC Ventures’ filing earlier this week, which revealed the company owned 9.45 million shares of Bed Bath & Beyond, including call options on 1.67 million. shares. So far this month, Bed Bath & Beyond has soared over 300%.

Cisco (CSCO): Cisco beat fourth-quarter top and bottom results and released better-than-expected guidance, pushing stocks higher after hours trading. The company reported fourth-quarter revenue of $13.1 billion on profit of 83 cents. Cisco CEO Chuck Robbins noted in the earnings release that “Product orders and full-year backlog are both at record highs and reflect the strong demand we continue to see for our innovation and the overall value we bring to our clients as they accelerate their digital transformation.” Erik Suppiger, principal research analyst at JMP Securities, told Yahoo Finance that the results “would suggest, along with comments from ‘other companies, that we’ve at least gotten past the toughest times of supply chain constraints’.

Bath and body care (BBWI): The stock fell after hours trading after the retailer cut its profit forecast for the year. Bath & Body Works has announced cost-cutting measures, including the cut of 130 positions, as the business navigates ‘the challenging environment and inflationary pressure affecting our customers and our business’. For the second quarter, operating profit was $241.8 million and net sales totaled $1.618 billion, down 5% from a year ago.

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