Shares of Bed, Bath, & Beyond fell over 40% on Friday following news that activist investor Ryan Cohen sold his entire stake in the company. Through his investment vehicle, RC Ventures, Cohen sold 9.45 million shares of Bed, Bath, & Beyond, or 12% of the company, on Tuesday and Wednesday. More: - The shares were sold between $18.68 and $29.21. The firm also sold call options on the shares.
- Cohen acquired his significant stake in the company earlier this year at an average price of $15.34.
- From late June to the end of regular trading on Wednesday, Bed, Bath, & Beyond’s shares had risen more than 300% in a meme stock trading frenzy.
- Bed, Bath, & Beyond reported in its last quarterly earnings it had about $100M in cash, down from the $1.1B it declared in the same quarter the previous year.
- Earlier this week, it was reported the company was seeking a $375M loan to build up its cash reserves and pay down debt.
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U.S. streaming time surpassed cable TV viewing time for the first time in July. According to ratings company Nielsen, streaming services like Netflix, HBO Max, and Prime Video captured 34.8% of total U.S. TV viewing time in July. Cable TV captured 34.4%. More: - U.S. viewers spent 23% more time streaming content in July than a year ago.
- Users also spent 9% less time watching cable TV in July compared to last year.
- Netflix was the most watched streaming service in July, thanks in part to its “Stranger Things” franchise.
- Other streaming platforms, including Google’s YouTube, Disney-owned Hulu, and Amazon’s Prime Video, all captured their highest shares of U.S. TV viewing time last month, topping records set in June.
- The viewing time for broadcast TV fell 21.6% in July compared to June and lost 10% YoY.
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Warren Buffett’s Berkshire Hathaway received regulatory approval on Friday to buy up to 50% of Occidental Petroleum. The firm has increased its stake in the oil company significantly this year, racking up 188.5 million shares, or 20.2% ownership. Berkshire can now record a portion of Occidental’s earnings in its financial results. More: - Last month, Berkshire filed an application with the Federal Energy Regulatory Commission requesting permission to buy up to 50% of Occidental’s common stock in secondary market transactions.
- Berkshire argued that a maximum 50% ownership in the oil company would not hurt competition or weaken regulatory authority.
- Carlos Clay, the acting director of the division of electric power regulation, approved the company’s request on Friday, noting the approval is consistent with the public interest.
- Occidental shares rose ~10% on Friday, closing at $71.29. The company is up 130% YTD.
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General Motors is reinstating its quarterly cash dividend and increasing the amount of its share repurchases. The automaker had suspended its quarterly dividend payments in April 2020 at the beginning of the COVID-19 pandemic. GM shares rose over 3% in Friday morning trading following the announcement. More: - GM said its board of directors approved a dividend of 9 cents a share on the company’s outstanding common stock.
- The amount represents a 76% reduction from the pre-pandemic dividend amount of 38 cents a share.
- The first dividend will be paid on Sept. 15 to all shareholders at the end of business day on Aug. 31.
- The automaker also said it is restarting and increasing the amount of its share repurchases from $3.3B remaining in its former program to $5B.
- GM did not disclose the timeframe for the share buybacks.
- GM shares closed at $39.70, up ~2.6% for the day. The company is down 35% YTD.
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DoorDash is ending its four-year partnership with Walmart next month. The delivery company has transported groceries and other products from Walmart stores to customers since April 2018. According to a source, DoorDash ended the partnership as it was no longer mutually beneficial. More: - Earlier this month, DoorDash sent a letter to Walmart terminating their agreement and gave the retailer a 30-day notice, meaning their partnership ends in September.
- A Walmart spokesperson confirmed to Business Insider that both companies have agreed to part ways.
- Walmart has been building out its own delivery unit while using third-party services like DoorDash.
- On Thursday, Walmart announced it was buying Delivery Drivers Inc., the gig-labor management company behind its Spark platform.
- DoorDash shares fell ~2.7% on Friday, closing at $64.99.
- The company is down over 50% YTD.
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Cineworld Group, the owner of Regal Cinemas, is planning to file for bankruptcy within weeks. According to sources, the British cinema company has struggled to attract moviegoers since the pandemic. Cineworld is expected to file a chapter 11 bankruptcy in the U.S. and is considering filing an insolvency proceeding in the U.K. More: - Cineworld is the second-largest movie theater chain in the world after AMC Entertainment.
- The company is working with lawyers from Kirkland & Ellis and consultants from AlixPartners on the bankruptcy process.
- According to a source, Cineworld is negotiating with its lenders to fund the bankruptcy costs.
- Cineworld is listed in London; its shares fell nearly 60% on Friday following news of the bankruptcy.
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- The Federal Deposit Insurance Corporation (FDIC) sent cease-and-desist letters to five crypto companies – FTX US, Cryptonews.com, SmartAsset.com, FDICCrypto.com, and Cryptosec.info – warning them to stop misleading consumers about the insurance status of their funds.
- Foot Locker has named former Ulta Beauty CEO Mary Dillon as its next CEO, succeeding Richard Johnson, who is retiring. Dillon will resume her position and join the company’s board on Sept. 1. Johnson will remain as the company’s executive chairman through Jan. 31, 2023.
- LeBron James and the Los Angeles Lakers have signed a new two-year, $97.1M contract extension that includes the option for a third season. The agreement makes James the highest-earning player in NBA history with $532M in career earnings, surpassing Kevin Durant.
- Chinese Canadian financier Xiao Jianhua, who was seized in Hong Kong five years ago, has been sentenced to 13 years in prison by a Shanghai court after pleading guilty to charges including graft and illegal handling of funds.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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