Futures Point Lower Friday; Bed Bath and Beyond Plunges on Cohen Exit, Footlocker Rallies

Last Updated: Friday, August 19, 2022 8:22 AM | Nick Dey

First Look

Futures are pointed lower Friday morning. Cryptos are plunging, with both Bitcoin and Ethereum down more than 8%. Fed officials James Bullard and Esther George offered differing opinions on the path of rate hikes, with the former supporting another 75 basis point hike while the latter favored a more cautious move. Bed Bath & Beyond (BBBY) is down 41.8% this morning after it was disclosed that activist investor Ryan Cohen exited his 11.8% position. Lastly, Foot Locker (FL) is surging 20.89% in pre-market trading after smashing earnings estimates and, separately, announcing that it will team up with Fanatics to expand licensed sports product offerings. The Dow Jones is down -0.77%, the S&P is down -0.95%, the Nasdaq is down -1.08%.

Today's Sentiment

Neutral

Quote of the Day

Focused, hard work is the real key to success. Keep your eyes on the goal, and just keep taking the next step towards completing it. If you aren't sure which way to do something, do it both ways and see which works better.
John Carmack

Stocks on the Move

Higher

  • Davita Inc (DVA)
  • Nielsen Holdings PLC (NLSN)
  • Celanese Corporation (CE)
  • Home Depot Inc (HD)
  • Citizens Financial Group Inc (CFG)

Lower

  • Deere & Company (DE)
  • Service Properties Trust (HPO)
  • Carnival Corp (CCL)
  • Royal Caribbean Cruises Ltd (RCL)
  • Marathon Oil Corporation (MRO)

Upgrades & Downgrades

Upgrades

  • Horace Mann Educators Corporation (HMN)
  • ZTO Express (Cayman) Inc (ZTO)

Downgrades

  • America's Car-Mart, Inc. (CRMT)
  • Banco de Chile (BCH)
  • UDR, Inc. (UDR)
  • Banco Santander-Chile (BSAC)
  • Krispy Kreme Inc (DNUT)
  • Enviva Inc (EVA)

International Markets

Stocks in Asia are mixed. The Hang Seng is up 0.05%, the Australia ASX All Ordinaries is up 0.01%, the Nikkei 225 is down -0.04% the Shanghai SE Composite Index is down -0.59% and the Mumbai Sensex is down -1.08%. In Europe stocks are mixed. The FTSE 100 is up 0.23%, the CAC 40 is down -0.46%, the DAX is down -0.65% and the Euro Stoxx 50 is down -0.7%.

Futures & Currencies

Energy futures are down today. The price for West Texas Intermediate crude oil is down -2.09 at 88.41 per barrel. Brent crude is down -2.24 at 94.35 per barrel. Natural Gas is down -0.19 at 9. Precious metals are down this morning. Gold is down -6.16 at 1752.45 per ounce. Platinum is down -10.87 at 903.69 while silver is down -0.27 at 19.3. The dollar is up compared to the major currencies today. The greenback is up against the euro, up against the Yen and up against the Pound. Bitcoin is down -8.72% to $21,473.79 while Ethereum is down -8.07% to $1,707.72.

Put/Call Ratio

Yesterday, 1,410,561 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 816,257 put contracts. The single-session put/call ratio was 0.58.

Today's Economic Calendar

No. What's Happening? Period Release Time
1 No events scheduled today.

Earnings Expected Today

ATRI, BKE, DE, FL, HMTV, KAL, MSGE, VIPS, VTSI

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