Meme stocks decline, bitcoin drops below $22,000

Yahoo Finance's Brian Cheung and Ines Ferré break down how meme stocks and crypto are trading.

Video Transcript

BRIAN CHEUNG: For more on that, let's bring in Yahoo Finance's Ines Ferré here with me at the YFi Interactive. And Ines, of course, Bed Bath & Beyond moving this morning. What's happening?

INES FERRÉ: Yeah, that's right. We've got our meme stock chart right here. And we are watching Bed Bath & Beyond right here down more than 40%. It was down more than 50% earlier, the biggest drop on record. This is after Ryan Cohen's RC Venture sold its stake of Bed Bath & Beyond. A lot of reaction on that.

And over the last two days, by the way, because yesterday's stock was down as well. We were looking at that two-day chart. So right now, year-to-date, the stock is down 24%. Losing all of its gains from when the announcement of when Ryan Cohen had taken a 9.8% stake back in March. Remember, the stock completely skyrocketed up here then went down? And now, over the last week or so, it was up. This news is huge for the stock.

BRIAN CHEUNG: Absolutely. And we saw, obviously, a lot of social media reaction because, again, there was the filing late on Wednesday, where there was some confusion over whether or not Ryan Cohen actually was going to dump his stake.

A lot of people recalling a tweet that he had posted back in June and bit of irony for what we're seeing now. Again, this is from a few months ago. Quote, "I'm sick of seeing failed executives make millions in risk free compensation while shareholders are left holding the bag." And now you have a lot of other Redditors saying they're pretty mad with Ryan because he is apparently one of those people.

Honestly, blank, Ryan Cohen. This will permanently damage the trust I have in him. He has damaged the reputation of us [? apes, ?] who I'm sure told friends and family, this is not good for the sell. But it makes you wonder, Ines, these are a lot of the same traders who are in GameStop and AMC. Are you seeing movement in those stocks as well?

INES FERRÉ: Yeah, well, we are seeing GameStop down more than 6%. You've got AMC down more than 5%. With AMC, there is a little bit of news, and this is from one of its competitors. And this is Cineworld. So we're gonna pull up the movie chart right now. And you can see Cineworld down 63% after a report that it will be filing for bankruptcy, basically attendance is not what they expected because the slate of films is just not there.

BRIAN CHEUNG: Yeah, well, I mean, obviously, there's a lot of quantitative things happening on that front that might not be meme related. But broadly speaking, there's also a lot of action happening in the crypto space as well, with Bitcoin actually falling, despite anticipation earlier in the week that we had broken the-- I think was the 25,000 level on Monday. But now, all of a sudden, now falling, what, below 21,000?

INES FERRÉ: Yeah, it's at a three-week low right now. You've got Bitcoin down more than--

BRIAN CHEUNG: So just about [INAUDIBLE], yeah.

INES FERRÉ: --8%. And you've got other cryptocurrencies down as well. You've got the US dollar that's up. So we are seeing a lot of movement here in the cryptos.