HomeFinancial MarketsU.S. Stocks End 4-Week Winning Streak, Bed Bath & Beyond Crashes

U.S. Stocks End 4-Week Winning Streak, Bed Bath & Beyond Crashes

The four-week winning streak enjoyed by U.S. stocks came to a halt on Friday, with the Nasdaq Index falling by 2%. The benchmark S&P 500 experienced a 1.3% decline while the Dow Jones closed at 0.3% lower.

Bed Bath & Beyond made headlines this week as GameStop chairman Steve Cohen sold his entire 11.8% share in the company on Tuesday and Wednesday. The stock plummeted by 40% throughout the week. Troubled by increasing debt problems, the struggling retailer hired the law firm Kirkland & Ellis, a specialist in bankruptcy and restructuring situations, to assist in managing the company’s debt. Still, Bed Bath & Beyond remains up 120% from last month.

Other retailers followed Bed Bath & Beyond’s downturn, with Wayfair declining by over 16% after announcing the decision to retrench approximately 900 employees, making up 5% of its total workforce and 10% of its corporate team.

On the upside, Foot Locker was a major winner this week, gaining over 20% following the announcement of its better-than-expected quarterly earnings. Both Walmart and Target offered modest returns as well due to exceeding their own quarterly results expectations.

First Republic Bank Is No Longer Looking For a Buyer

San Francisco’s First Republic Bank is off the market. According to a report by Fox Business, the bank decided to hit a pause on...

Lululemon Stock Soars Thanks to Strong Q4 Results 

Athletic apparel retailer Lululemon Athletica reported another strong quarterly performance that sent its stock 12.72 percent up on Wednesday. The company managed to beat...

Intel Stock Surges After Server Chips Early Arrival Announcement

Chip maker Intel announced on Wednesday that it plans to ship its new line of server chips earlier than expected. As a result, the...