On the final day of the week US markets had a mixed opening as Biden and the EU announced a natural gas deal but US consumer confidence levels fell to their lowest level in 11 years.
Oil and gold prices are down on Friday morning, while Bitcoin is in the green.
Here are some of today’s trending stocks:
The Honest Company (NASDAQ: HNST)
This company, which was founded by Hollywood actress Jessica Alba, has seen its share price tank on Friday. The drop followed a disappointing set of fourth quarter earnings which showed a loss of $0.10 per share, compared to expectations of a $0.06 loss.
Additionally, the health and wellness business’ revenue missed the mark, coming in at $80.38m compared to an expected $84.6m.
Chief Executive Officer Nick Vlahos commented:
“While we expect inflation and supply chain headwinds to continue to challenge the industry, we remain deeply focused on what we can control: driving innovation, investing in digital capabilities, expanding our distribution footprint and executing our pricing strategies to position Honest for long-term growth.”
The Honest Company’s share price has fallen by more than 25% in early trading.
Tilray Inc (NASDAQ: TLRY)
This pharmaceutical, cannabis-lifestyle and consumer packaged goods company has seen its share price climb by more than 8% on Friday morning.
Tilray's gains come amid broader excitement about cannabis stocks. Other cannabis stocks in the green include Clever Leaves Holdings (NASDAQ: CLVR), Sundial Growers (NASDAQ: SNDL) and Aurora Cannabis (NASDAQ: ACB).
This surge in prices comes as efforts by US lawmakers to decriminalize cannabis appear to be heating up, with the House of Representatives set to debate cannabis legislation in the coming weeks.
Bed, Bath & Beyond (NASDAQ: BBBY)
This homeware retailer has seen its stock climb by more than 7% on Friday morning after reports suggested it is nearing an agreement with activist investor Ryan Cohen.
Cohen, who along with RC Ventures LLC revealed he had an almost 10% stake in the retailer last month, had urged the company to dispose of its BuyBuy Baby business and shake up its operations, criticizing directors’ failure to turn BBBY’s fortunes around.
As part of the new agreement, three RC Ventures directors will join the board of BBBY, with the company stating that the trio bring deep expertise in capital allocation, corporate governance, strategic planning, and transactions.
Additionally, the company has established a new committee to explore alternatives to unlock greater value from the BuyBuy Baby brand.
Nio Inc (NYSE: NIO)
This Chinese electric vehicle outfit was another stock to fall on the back of earnings. Nio hit some of the markers analysts had anticipated, but fell short in some other areas.
Vehicle deliveries of more than 25,000 beat analysts expectations, as did revenue. This climbed by around 49% to 9.9bn yuan.
To put these results in context, it is important to be aware of Nio’s recent difficulties. The earnings would have needed to seriously impress investors to boost the company’s share price because it currently faces the risk of being de-listed from the NYSE as US and Chinese regulators are both seeking to crack down on Chinese companies with foreign listings.
Following this earnings release, Nio’s share price has fallen by almost 10%.
Joby Aviation (NYSE: JOBY)
This California-based air taxi business has seen its share price leap by almost 10% on Friday after its fourth quarter earnings were well received by investors.
In an update to shareholders, the company said it had started the manufacture of its first production-intent aircraft in its pilot manufacturing facility. Additionally, its second pre-production prototype aircraft has resumed flight testing.
Joby head of programs and systems, Didier Papadopoulos, said:
“We’re excited to be back in the air with our second pre-production prototype aircraft, building on the tremendous flight test achievements our team has made to date. Last year alone, we flew more than 5,300 miles, generating 65 terabytes of flight test data and demonstrating an endurance of 154.6 miles on a single charge.”
