Notable Stock Movers: RIDE, COIN, PRTY
3:04 pm Monday, May 09th, 2022
One of the big companies that’s seeing substantial declines in today’s session is Lordstown Motors (NASDAQ:RIDE). Like other electric vehicle (EV) stocks, RIDE stock is getting beaten up today. As of this writing, shares of RIDE stock are down 5% in early afternoon trading. It appears much of today’s move in the broader market has to do with a stark shift in investor sentiment. There’s a seriously bearish undertone that’s building. Much of this has to do with an increasingly hawkish Federal Reserve, leading to expectations that rate hikes will continue in earnest for some time.
Crypto exchange platform Coinbase (NASDAQ:COIN) is deep in the red today as yet another casualty of the digital asset selloff. So far, COIN stock is down roughly 18% on an overall dreary day in the market. Well, the second-largest crypto exchange by market capitalization is suffering continued losses today. The crypto selloff of this past weekend has now trickled over into financial markets, with several crypto-related assets falling. Specifically, COIN joins the like of Bitcoin (BTC-USD) miner Riot Blockchain (NASDAQ:RIOT) and crypto bank Silvergate (NYSE:SI), which are each down more than 14% at the time of writing.
Party City (NYSE:PRTY) stock isn’t doing so hot on Monday after the company revealed earnings results for its first quarter of 2022. Starting off the bad news for PRTY stock is the company’s adjusted earnings per share of -22 cents. That’s a miss next to Wall Street’s estimate of -12 cents per share. Adding into that is it being a wider loss than the -5 cents per share reported in Q1 2021. The damage of PRTY stock continues with the retailer reporting revenue of $433 million during the period. That’s below the $435.8 million that analysts were looking for. It also only represents a 1.4% increase in revenue year-over-year.
