On this edition of Stock Movers:
- Bullish (BLSH) shares jumped 84% from the IPO price after the digital-asset exchange operator and owner of media outlet CoinDesk raised $1.1 billion in an initial public offering. Shares of the Cayman Islands-based company closed at $68 each on Wednesday in New York, nearly doubling its IPO price of $37 apiece. The offering was upsized earlier in the week to 30 million shares, and the price range was increased. The trading gives Bullish a market value of $9.9 billion based on the outstanding shares listed in its filing. The IPO ended more than 20 times oversubscribed, with about a third of orders receiving no shares at all, people familiar with the matter have said.
- Walmart (WMT), Instacart (CART), and Kroger (KR) shares fell after Amazon.com Inc. announced plans to offer same-day grocery delivery in 2,300 cities by the end of the year. Customers will be able to order perishable items such as produce, dairy, meat, seafood and baked goods, alongside frozen foods and household items, the company said in a statement on Wednesday. Same-day grocery delivery is free for Amazon Prime subscribers on orders over $25 in most cities, it said. For non-members, the service carries a $12.99 fee, regardless of order size.
- CoreWeave (CRWV) shares tumbled after the cloud-computing provider reported a wider quarterly loss and gave a disappointing earnings outlook, raising concerns about its rapid AI data center expansion pressuring profit margins. Third-quarter operating income will be $160 million to $190 million, the company said Tuesday, underwhelming investors looking to justify a near-quadrupling of its share price since its March debut. Costs are surging, and CoreWeave posted a loss of $131 million for the June quarter — more than 20 times bigger than the loss a year earlier.
- Cisco Systems (CSCO) shares fell after the company gave a lukewarm forecast for the current fiscal year, disappointing investors who hoped for a boost from massive AI data center projects. Sales will be between $59 billion and $60 billion in the fiscal year that runs through July 2026, the company said in a statement Wednesday. At the midpoint, that’s roughly in line with the average Wall Street estimate of $59.5 billion, according to data compiled by Bloomberg. Some analysts, though, we’re looking for more than $61 billion.
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