Yahoo Finance Live checks out several stocks tied to today's trending industry stories, including Vinco Ventures announcing its Cryptyde spinoff.
RACHELLE AKUFFO: All right, shifting gears, we're taking a look at our triple play stocks today. I'm going to kick us off with Vinco Ventures. Ticker symbol, BBIG. Now that consumer products and digital marketing company, we saw the stock moving higher this morning. Now it's still up, though, about more than 24% there, as you can see. Obviously, share price $3.21, so obviously, even the smallest move looks very, very big. Now the stock was actually moving on its announcement of a date to spin off its blockchain business, Cryptide. So May 18 will be the record date for the dividend shares.
Now the shares will be distributed May 27 to Vinco stockholders to separate Vinco and Cryptide into two independent publicly traded companies. Now Vimco stockholders will receive one share of Cryptide common stock for every 10 shares of common stock health. Vinco will keep the ticker symbol, BBIG, while Cryptide will start trading as TYDE, T-Y-D-E. BBIG is down, though, more than 40% year to date, so clearly, a lot going on there.
SEANA SMITH: Yeah, and Rachelle, it's interesting just to take a look at the crypto market more broadly speaking, because Bitcoin certainly a huge mover. This week kind of moved in tandem with the broader markets. We saw Bitcoin now hovering just around 36,000, off just around 6 and 1/2% this week. So some investors, I guess, finding reason to sell some of their crypto holdings.
Taking a look at a name that's actually moving to the downside today quite significantly, you can see Peloton off the lows of the day, but still off just around 8%. Now the move to the downside comes following a report from the Wall Street Journal that the company is seeking a minority investment, pursuing potential investors to take a stake in its business of around 15% to 20%.
Now this comes as Peloton remains under pressure to turn itself around. The company was a favorite among investors during the pandemic, but it has taken a hit as people returned to gyms and also their in-person workout classes. Taking a look at the stock year to date, the shares off nearly 60%. Now Peloton is set to report earnings on Tuesday next week, the first quarter with CEO Barry McCarthy at the helm. So Emily, certainly an important name to watch next week.
EMILY MCCORMICK: Absolutely, Seana. And just going back to that report from the Wall Street Journal you were citing, it is going to be interesting to see whether this report actually results in a stake sale for Peloton. Of course, the timing of this interesting, considering that the activist investors over at Blackwell's Capital have been pushing for a full sale of Peloton to a tech giant like Amazon. So it's not clear whether just a partial stake sale would actually be able to appease them over there. So, definitely a lot to continue watching here for Peloton. As you mentioned, the stock certainly under a lot of pressure for the year to date.
And we'll see whether this company is able to hit Wall Street consensus, those expectations heading into that earnings report, or the quarterly report, rather, on Tuesday. Now, another company that I'm watching today is also under pressure, and that's Under Armour. Now, this stock is on track for its biggest single session decline since 2017. And that's after the company reported its quarterly results this morning and highlighted that supply chain challenges are pressuring revenue for its current fiscal year.
Now the athletic wear maker said that it expects revenue to rise between 5% and 7% this current fiscal year, but concerningly, this forecast includes-- and this is a quote-- approximately three percentage points of headwinds related to our strategic decision to work with our vendors and customers to cancel orders affected by capacity issues, supply chain delays, and emergent COVID-19 impacts in China. And that was according to Under Armour's statement from this morning. So overall, it's very apparent that this company is one of many retailers still struggling with these supply chain challenges. And we really are seeing that reflected in the stock today, Rachelle.
RACHELLE AKUFFO: Under Armour, obviously, a big fan of mine. It's just down the street in Maryland here. So yeah, it is tough to see this. Obviously, these supply chain issues, when you think of where we were with COVID, when you think of that compounded with what we saw with Russia and Ukraine, now compounded again with more of these lockdowns in China, with a lot of companies dependent on production manufacturing out there. And as we mentioned, what we're seeing with a lot of these fitness brands, perhaps people slowing down as they return to the office, perhaps not working out as much, so we'll have to see how some of these sports brands do.
SEANA SMITH: And also just inflation, simply put, right, some of these consumer facing brands, it's going to remain to be seen whether or not people are going to be willing to pay more for some of these goods. We've heard a number of CEOs, a number of executives discuss inflation, the impact that that is having on their consumer facing business over the last several weeks. So something to keep in mind going forward, especially in this retail sector.