Stocks In News: PSNY, MDB, BBBY
1:38 pm Thursday, September 01st, 2022
Polestar (NASDAQ:PSNY) stock is falling on Thursday following the release of its earnings data for the first half of 2022. The big news from that report is an operating loss of $885.2 million. That’s a $520.5 million wider loss than the $364.7 million reported in the same period of the year prior. That represents a 143% year-over-year increase in operating loss. According to Polestar, that widening loss is the result of its continued commercial expansion. It also attributes it to a one-time share listing cost of $372.3 million in connection to its merger with Gores Guggenheim.
If you glance at MongoDB’s (NASDAQ:MDB) second-quarter fiscal 2023 results, which were just released yesterday, you might expect MDB stock to be moving higher today. However, the complete opposite is happening. To find out why, you’ll need to look past the actual quarterly results and delve into MongoDB’s forward guidance. Based in New York, MongoDB mainly provides database servers to help enterprise customers run their operations in the cloud. It’s actually a bigger company than you might expect, with a market capitalization of $17 billion.
Bed Bath & Beyond (NASDAQ:BBBY) stock is in the red again following yesterday’s strategic company update. The struggling retailer will lay off about 20% of its staff and close about 150 “lower-producing” stores out of 955 total locations. Bed Bath also announced that it would offer 12 million shares in an at-the-market (ATM) offering, diluting existing shareholders. The offering represents about 15% of shares currently outstanding.
