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SummaryCompanies Alphabet climbs on Q2 profit beatMicrosoft slides as AI spending grows faster than revenueFed's rate decision awaited at 2:00 p.m. Meta Platforms <META.O> rose 1.8% after Alibaba's cloud unit said it would support the Facebook owner's open-source AI model Llama. The Fed is expected to deliver a 25-basis point interest rate hike later in the day, though there is less clarity over what the central bank will do at subsequent meetings. ET, Dow e-minis were down 65 points, or 0.18%, S&P 500 e-minis were down 7.25 points, or 0.16%, and Nasdaq 100 e-minis were down 43.75 points, or 0.28%. Wells Fargo (WFC.N) climbed 2.8% after the bank's board authorized a new share buyback program of up to $30 billion.

Persons: Joshua Warner, Stefan Koopman, Wells Fargo, Bansari Mayur Kamdar, Johann M, Savio D'Souza, Anil D'Silva Organizations: Microsoft, Dow, Nasdaq, Wall, Google, NYSE, Facebook, Rabobank, Dow e, Federal Trade Commission, Thomson Locations: Bengaluru

Shares of the electric car maker slid 3.1% in premarket trading after Musk's comments, even as Tesla beat quarterly profit estimates. Netflix (NFLX.O) fell 6.0% after the streaming video company's quarterly revenue forecast also fell short of estimates, while analysts said its new money-making ventures will take time to bring in returns. ET, Dow e-minis were up 61 points, or 0.17%, S&P 500 e-minis were down 4.25 points, or 0.09%, and Nasdaq 100 e-minis were down 98 points, or 0.61%. Investors also await weekly jobless claims data and existing home sales data for the month of June, due later in the day. Reporting by Bansari Mayur Kamdar and Johann M Cherian in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Johnson, Elon Musk, markdowns, Joshua Warner, Dow, Goldman Sachs, chipmaker TSMC, Bansari Mayur Kamdar, Johann M, Dhanya Ann Thoppil Organizations: Netflix, Dow, Nasdaq, U.S . Federal Reserve, Enterprise, IBM, Dow e, Airlines, Investors, Thomson Locations: U.S, Bengaluru

SummaryCompanies JPMorgan gains on Jefferies' upgrade ahead of earningsMegacaps recover after dip ahead of Nasdaq 100 rebalanceFutures up: Dow 0.02%, S&P 0.11%, Nasdaq 0.16%July 11 (Reuters) - U.S. stock index futures inched higher on Tuesday ahead of key inflation data that could support a sooner-than-expected end to the Federal Reserve's rapid interest-rate hikes. "The big-cap Nasdaq index is going to adjust weightings vs. a full addition or deletion. Also, far more money tracks the S&P 500, which is why S&P 500 component changes get a lot more attention than Nasdaq 100 moves." The S&P 500 banks index (.SPXBK) has shed 9% so far this year in the aftermath of the biggest crisis since 2008 that pummeled regional lenders. The sub-index is underperforming the benchmark S&P 500 index (.SPX), which has notched a 14.9% gain.

Persons: Joshua Warner, Hogan, Jefferies, Johann M Cherian, Shinjini Ganguli, Arun Koyyur Organizations: JPMorgan, Jefferies, Nasdaq, Dow, Federal, Fed, Index, Treasury, Nasdaq Inc, Riley, Dow e, JPMorgan Chase, Zions Bancorp, Truist, Thomson Locations: U.S, Bengaluru

☆ Bed Bath & Beyond dives 50% in February – it's second-worst monthly performance ever – as the meme stock teeters on the edge of bankruptcy
▼ + stars: | 2023-03-01 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

Bed Bath & Beyond stock plunged 50% in February as the home furnishings company struggles to stave off bankruptcy. Like, GameStop and AMC, Bed Bath & Beyond has been popularized as a meme stock. A convertible preferred stock is a type of equity security issued by companies, giving the investor the right to convert its preferred stock into common stock at a discount to the market price. Meanwhile, Bed Bath & Beyond is also drawing $100 million from a credit line to repay outstanding debt. "The clock has been ticking for Bed Bath & Beyond to raise some cash but securing the money will only reset the clock.

Lloyds set aside 1.5 billion pounds in 2022 to cover potential loan distress, a year after releasing 1.4 billion pounds of provisions as the economy rebounded from COVID-19. The bank reported pre-tax profit of 6.9 billion pounds ($8.4 billion) for 2022, unchanged on the previous year and in line with analyst forecasts it had compiled. It plans to pay a 1.6 pence per share final dividend and a share buyback of up to 2 billion pounds, taking total shareholder returns for 2022 up to 3.6 billion pounds. Expenses also rose 6% to 8.8 billion, partly due to rising wage bills as Lloyds boosted its staff bonus pool by 12% to 446 million pounds. Lloyds also said it had bought Tusker, a vehicle leasing company that provides electric vehicles via salary sacrifice schemes, for 300 million pounds.

New York CNN —Thursday afternoon will round out what has so far been a sobering earnings season for the Big Tech giants. Alphabet’s revenue will likely remain flat from last year and Amazon’s sales are expected to grow just shy of 6% year-over-year. All three companies’ profits are expected to fall from the year-ago quarter, with Amazon set to suffer the steepest drop with a decline of 40.6%. Then came the press conference, which led to a steep divergence between what the Fed thinks and what the Wall Street thinks. A cautionary tale: In mid-November, Ticketmaster’s site overloaded when fans tried to purchase pre-sale tickets for Taylor Swift’s upcoming tour.

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