Coinbase Cryptocurrency Exchange Makes Its Public Debut and Bed Bath & Beyond Shares Tank After Q4 Earnings Report 📉

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Coinbase Cryptocurrency Exchange Makes Its Public Debut  and Bed Bath & Beyond Shares Tank After Q4 Earnings Report

Coinbase

On Wednesday, shares of Coinbase rose, closing up 31.31%.

Shares of the American cryptocurrency exchange rose after the company’s public debut on the Nasdaq. Shares of Coinbase opened at $381, reached a high of $429.54, and closed at $328.28

Coinbase is a crypto exchange that allows users to buy, sell, transfer, and store cryptocurrencies. The company’s valuation closed at $86 billion on Wednesday.

Coinbase is now the most valuable exchange in the United States after its public debut.

Bed Bath & Beyond   

On Wednesday, shares of Bed Bath & Beyond tanked, closing down 12.21%.

Shares of the American retailer fell after investors were disappointed with the company’s fourth-quarter earnings report, despite results meeting expectations.

The company reported net revenue in the fourth quarter of $2.62 billion vs. analysts’ expectations of $2.63 billion. Adjusted earnings were $0.40 vs $0.31 as expected by analysts. Comparable sales rose 4%, and online sales surged 86% in the fourth quarter.

Bed Bath & Beyond expects sales in 2021 between $8 billion and $8.2 billion vs. analysts’ expectations of $8.18 billion.

Shares of Bed Bath & Beyond have risen over 35% this year.

I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.

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