BBIG Stock News: Vinco Ventures Inc tanks ahead of Cryptyde ex-dividend date

NASDAQ:BBIG tumbled by 17.10% amidst a broader market sell off on Tuesday.
Vinco Ventures’ will offer shares of Cryptyde for shareholders as of September 15th.
VInco Ventures falls alongside other meme stocks during another volatile session.

Stocks Reporter FXStreet

NASDAQ:BBIG extended its decline on Tuesday, as the NFT and blockchain-based company saw its second straight drop to start the week. Shares of BBIG plummeted by 17.10% and closed the trading session at $7.95. Despite the recent sell off, it’s difficult for shareholders to be upset with a stock that has still returned over 400% so far this year, which is more than ten times what the S&P 500 has done. Shares are still trading above both the key 50-day and 200-day moving averages, even though it has fallen about 40% from its 52-week high price of $12.49.

Stay up to speed with hot stocks' news!

Wednesday September, 15th marks an important date for Vinco Ventures shareholders. This is the proxy record date for when shareholders will need to own BBIG shares in order to receive shares of Vinco’s spinoff company called Cryptyde. The new spinoff is a Blockchain-based acquisition company that will look into acquiring new Blockchain-based technology firms. Vinco Ventures is looking into taking Cryptyde public as well and it is expected to debut under the ticker symbol TYDE. Whenever Cryptyde does go public, BBIG shareholders will receive shares of TYDE in the form of a dividend.

BBIG stock forecast

It was a volatile day all around for meme stocks, as the momentum from AMC’s (NYSE:AMC) busy weekend did not carry over into Tuesday’s session. Shares of AMC fell by 8.55%, GameStop (NYSE:GME) lost 1.97%, and SmileDirectClub (NASDAQ:SDC) dropped by 3.68% during trading hours. Meme investors are no strangers to volatility, but it is particularly magnified in a market that has been especially choppy as of late.

Author

Stocks Reporter

FXStreet

AUD/USD rises to 0.6950 as USD slips on Fed's Warsh

AUD/USD regains traction and extends the bounce toward 0.6950 in the Asian session on Friday. Fed Chair Warsh's comments reinforce the selling pressure on the US Dollar, allowing the pair to stretch higher. Warsh said that he remains committed to delivering price stability without giving away anything on future interest rate path.

USD/JPY falls in symc with USD, gives up 158.00 after Warsh's speech

USD/JPY has come under fresh selling pressure and gives up 158.00 in the Asian session on Friday amid the emergence of fresh US Dollar selling. Fed Chair Warsh's non-committal commentary on the future tightening path, weighs on the US Dollar and the pair.

Gold looks vacillating above $4,150

Gold alternates gains with losses below the key $4,200 mark per troy ounce on Friday. The yellow metal’s irresolute price action comes in response to a modest pullback in the US Dollar and a tepid recovery in US Treasury yields across the board.

Bitcoin steadies at $82,000: The five forces crushing the Uptober rally

Crypto markets have remained under pressure so far in October, with Bitcoin (BTC) sliding below $80,000 earlier this week before recovering to around $82,000 on Friday, as macroeconomic headwinds and cooling demand weigh on the market.

The Fed just got a second hot inflation number. Here's what the diesel signal is really saying

The Federal Reserve (Fed) faces a renewed inflation challenge after two consecutive reports showed price pressure intensifying across the US economy. September's Consumer Price Index (CPI) confirmed accelerating consumer inflation, while the Producer Price Index (PPI) revealed an even sharper rise in business costs. Behind both reports lies a common factor: energy prices.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.