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GameStop, Rent the Runway, C3.ai, and more

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GameStop (GME): The retailer missed both the top and bottom lines as sales plummeted amid the gaming slowdown. Third quarter net sales of $1.19 billion were down 8.5% from a year ago, driven by a 19% drop in software sales. GameStop reported a loss of $94.7 million in the third quarter, its seventh consecutive quarterly loss. Inventory was $1.13 billion, compared to $1.14 billion a year earlier. Shares rose as much as 4% in extended trading on Wednesday.

runway rental (Leasing): The company raised its full-year revenue forecast, sending shares up as much as 22% in extended trading. Rent the Runway expects revenue of between $293 million and $295 million, beating analyst estimates of $288.3 million. CEO Jennifer Hyman noted in the release that the company’s restructuring plan was “largely complete” and would focus on “significantly improving cash burn” going forward.

C3.ai (Amnesty International): The artificial intelligence software provider reported better-than-expected third-quarter earnings and revenue and reaffirmed its full-year revenue forecast of $255 million to $270 million. Revenue for the quarter was up 7.1% from a year ago, driven by a 26% jump in subscription sales. Stocks changed little after hours.

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Ducorne wallet (Napa): Shares rose 3% in extended trading after fiscal first-quarter net sales and earnings beat expectations. Revenue for the quarter was $108.2 million, up from $104.2 million a year earlier. Net income was $19.8 million, compared to $21.3 million a year ago.

Duckhorn also noted that Chief Financial Officer Laurie Bowdoin will step down in the spring of 2023 after more than 13 years with the company.

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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.