CHGG - Market Highlights: Tuesday's big movers BBBY shoots up 50% Avis Group doubles Chegg down 45% and EL Salvador invests Bitcoin into 20 schools
Russell 2000 hits all time high at 2363.55 points, with Ethereum being the highest gainer in the crypto market. BBBY rockets high after partnering with Kroger, and Chegg plummets by 45% after releasing financial results.
Bed Bath & Beyond rockets 50%
The American merchandise retail store Bed Bath & Beyond Inc’s ( NASDAQ: BBBY ) stock soars by 50% after announcing partnership with Kroger . The collaboration will see Bed Bath & Beyond’s extensive selection on Kroger’s website and in a couple of stores starting 2022.
The stock buyback program was also ahead of schedule as reported by the company.
Avis Budget’s shares doubles on Tuesday
The car rental company Avis Budget ( NASDAQ: CAR ) saw their shares double on Tuesday after reporting better than expected 3 rd quarter results. Earnings per share came at $10.74 with the board also authorizing an additional $1 billion share buyback program.
El Salvador investing Bitcoin (BTC) gains into building 20 schools
The Salvadoran government’s next Bitcoin ( BTC/USD ) project will be building 20 schools funded by the country’s Bitcoin Trust account. The government spent $4 million last month from the Bitcoin Trust account to erect a veterinary hospital in the country’s capital San Salvador.
Dell drops 50%
Shares of the texas based Dell Technologies ( NYSE: DELL ) crashed by 50% on Tuesday after announcing the completion of the spin-off of VMware ( NYSE: VMW ) from Dell. As per the terms all VMware shareholders will receive $27.40 a share dividend payment.
Dell closed at $54.61 on Tuesday after dropping 50%
Chegg plummets by 45% after citing concerns in the education industry
Chegg Inc ( NYSE: CHGG ) shares dropped 45% after reporting 3 rd quarter results. Dan Rosenweig, CEO of Chegg cites concerns in the education industry due to slowdown linked directly to COVID-19 pandemic. The company reports $171.9 million net revenue and $146.8 million service revenue.
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