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stars and dogs

Editor’s note: An earlier version of this article incorrectly labelled Bed Bath & Beyond as a "star." This version has been corrected.

Inovalis REIT (DOG)

INO.UN - TSX

Funny. Just when people are returning to the office, investors are running down the fire escape at Inovalis REIT. In a move that wiped out nearly one quarter of the real estate investment trust’s market cap, Inovalis slashed its distribution in half to reduce its payout ratio and free up cash to redevelop some of its office properties in Europe. The REIT, already trading well below its net asset value, also suspended its distribution reinvestment plan and cancelled a previously announced initiative to distribute to unitholders 50 per cent of profits from property sales. There’s way too much drama in this office.

ThredUp (DOG)

TDUP - Nasdaq

Used jeans for US$4.99? Cool. Used tops for US$2.99? Awesome. Used bathing suits for … wait, people actually buy used bathing suits? Ewww, gross. ThredUp’s second-hand apparel website features plenty of deals like these, but the merchandise isn’t moving fast enough – or profitably enough – to keep investors happy. Even as second-quarter revenue rose 27 per cent to US$76.4-million, ThredUp’s net loss nearly doubled to US$28.4-million or 29 US cents a share. With the company’s tepid forecast also weighing on investor sentiment, the shares have shrunk a few sizes.

Bed Bath & Beyond (DOG)

BBBY - Nasdaq

Business quiz! Shares of Bed Bath & Beyond surged, then later plunged, after the company: a) was acquired by U.S. election denier Mike Lindell, a.k.a. the My Pillow Guy, who promptly announced plans to rebrand all of the company’s sheets and towels with MAGA symbols; b) won a court case against Bill’s Bait Beer & Yams over the BBBY ticker symbol, only to be sued by Barbara’s Beads Buttons and Yarn; c) became a target of speculators on Reddit’s WallStreetBets forum, triggering a short squeeze that fizzled after activist investor Ryan Cohen sold his entire stake in the company. Answer: c.

Coinbase Global (DOG)

COIN - Nasdaq

As if Coinbase didn’t have enough to worry about. Weeks after U.S. prosecutors charged a former employee with insider trading for allegedly buying tokens before they were listed on the crypto exchange, a study by academics at the University of Technology Sydney indicated that up to 25 per cent of Coinbase’s listings since 2018 were subject to similar front-running. Adding to the anguish of Coinbase investors, a sudden drop in the price of bitcoin and other crypto assets on Friday sent the company’s shares to their fourth consecutive loss. Stick to utilities, kids.

Krispy Kreme (DOG)

DNUT - Nasdaq

Krispy Kreme just got Krispy Kremed. Shares of the doughnut chain were a sugary, sticky mess after the company posted lower-than-expected revenue growth, as higher labour and commodity costs and a stronger U.S. dollar contributed to a 28.4-per-cent drop in adjusted net income for the second quarter. With the shares down by roughly one-third this year, the market is clearly refusing to glaze over the company’s disappointing results.

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