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☆ Wall Street closes green as GDP data eases recession worries
▼ + stars: | 2023-01-26 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

[1/2] People stand by the New York Stock Exchange (NYSE) in New York City, U.S., January 26, 2023. Fourth-quarter earnings season has hit full stride, with more than one fourth of the companies in the S&P 500 having reported. Analysts now see aggregate fourth quarter earnings falling 2.7%, worse than the 1.6% year-on-year decline seen on Jan. 1, but an improvement over the 3% annual decline as of Wednesday, per Refinitiv. Of the 11 major sectors of the S&P 500, all but consumer staples (.SPLRCS) advanced. The S&P 500 posted 23 new 52-week highs and no new lows; the Nasdaq Composite recorded 111 new highs and 32 new lows.

CNN —The end could be near for struggling retailer Bed Bath & Beyond, as it warned in a regulatory filing Thursday that it received a notice of default from its lender, JPMorgan Chase. Shares of Bed Bath & Beyond (BBBY) plunged more than 20% on the news, to about $2.56 a share. Bed Bath & Beyond could be forced to file for Chapter 11 bankruptcy reorganization due to its financial woes. Founded in 1971, Bed Bath & Beyond became a staple for affordable home decor, kitchenware and college dorm room furniture. As of February 2022, Bed Bath & Beyond had 950 stores and 32,000 workers.

☆ Bed Bath & Beyond gets loan default notice from JPMorgan - filing
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Jan 26 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) has received a notice of acceleration and default interest for its loans from JPMorgan Chase Bank N.A., a regulatory filing showed on Thursday. The bank has determined to exercise rights such that all outstanding loans under credit facilities and other obligations of Bed Bath & Beyond under its amended credit agreement are due and payable immediately. Bed Bath & Beyond earlier this month said it was exploring a range of options to address its plunging sales that included declaring bankruptcy. All of the outstanding loans and obligations under the credit facilities would bear interest at an additional default rate of 2% per annum, starting Jan. 25, as a result of continuing defaults, Bed Bath & Beyond said. The company has also been in talks with prospective buyers and lenders to keep its business afloat, CNBC reported earlier in January.

☆ Furniture retailer Wayfair to lay off 10% of workforce
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

Jan 20 (Reuters) - Online furniture retailer Wayfair Inc (W.N) said on Friday it will cut 1,750 jobs, or 10% of its workforce, as part of its cost savings plan at a time when consumers are selective with their discretionary purchases. Wayfair said on Friday the job cuts will affect about 1,200, or 18% of corporate employees. The company previously outlined a $1.4 billion cost savings plan in a bid to scale down on operating costs amid weakening demand for its furnishings. Including the August workforce reduction, the company said on Friday the labor portion of the plan represents about $750 million in savings. Wayfair had 16,681 full-time equivalent employees as of Dec. 31, 2021, according to a regulatory filing.

☆ Bed Bath & Beyond looks for buyers, lenders before potential bankruptcy - CNBC
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +1 min

Jan 18 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) has been in talks with prospective buyers and lenders as the struggling retailer tries to keep its business afloat ahead of a likely bankruptcy filing, CNBC reported on Wednesday. The home goods retailer's advisors are also looking for a loan of at least $100 million ahead of a potential bankruptcy filing which could occur in the coming weeks, the report said. Bed Bath & Beyond said in an emailed statement to Reuters that it does not "comment on speculation or specific relationships". Authentic Brands, owner of fashion labels including Forever 21 and Aeropostale, has also been looking at Bed Bath & Beyond, the report said. Reporting by Deborah Sophia in Bengaluru; Editing by Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.

☆ Party City files for bankruptcy
▼ + stars: | 2023-01-18 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

New York CNN —Party City filed for bankruptcy protection Tuesday after years of losses and weak sales. As of October, the Company had 761 total Party City (PRTY) stores and 149 temporary Halloween City stores. In 2021, Party City (PRTY) had more than 16,000 full- and part-time employees. Party City has struggled for years against competition for party goods and decorations from big-box chains and online retailers. Party City in December said it was at risk of a de-listing from the New York Stock Exchange because its stock fell under an average of $1 a share for 30 trading days.

☆ Investor Ryan Cohen builds Alibaba stake, pushes for more share buybacks
▼ + stars: | 2023-01-16 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +4 min

Jan 16 (Reuters) - Billionaire investor Ryan Cohen has built a stake in China's Alibaba Group (9988.HK) worth hundreds of millions of dollars and is pushing the e-commerce giant to increase and speed up share buybacks, people familiar with the matter said on Monday. In his communications, Cohen told Alibaba he thought the company could reach double-digit sales growth and nearly 20% free cashflow growth over the coming five years, according to the sources. Cohen felt the company's shares were undervalued at the time, according to the people, who declined to be identified because the investment is private. The people said that Cohen is eager to have a collaborative, long-term relationship with Alibaba and that he has praised management's capabilities. Over roughly the same period, Alibaba has steadily escalated its share buyback program.

☆ Bed Bath & Beyond brings meme stocks back in vogue to start 2023
▼ + stars: | 2023-01-13 | by ( Medha Singh | ) www.reuters.com time to read: +2 min

Bed Bath & Beyond Inc is in talks with potential lenders and the discussions are also exploring potential takeover bids, Bloomberg reported on Thursday. The U.S. consumer price inflation report on Thursday bolstered growing belief that inflation has peaked, helping revive the rally in highly-shorted meme stocks after rising interest rates dimmed the appeal for speculative trading last year. "The rally in risk assets has carried meme stocks in its wake," said Jason Benowitz, senior portfolio manager at CI Roosevelt, adding that a sharp slide in stocks in the final month of 2022 and strong seasonality for January are also at play. Bed Bath & Beyond shares eased about 5% in pre-market trading on Friday. Bed Bath & Beyond market value over the past 12 monthsReporting by Medha Singh in Bengaluru; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Bed Bath & Beyond in talks with Sycamore Partners for sale of assets - NYT
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

Bed Bath & Beyond said it does not "comment on speculation of this nature" and reiterated a previous statement that it was exploring multiple paths. Sycamore Partners declined to comment. Shares of Bed Bath & Beyond were down about 4% at $5.02 in morning trading amid weakness in the broader market. The Union, New Jersey-based company had earlier considered selling its buybuy Baby stores after shareholder pressure, but held off on hopes it could fetch a higher price later, Reuters reported. The company's buybuy Baby chain, which sells products for infants and toddlers, helped Bed Bath & Beyond obtain a loan worth $375 million last year.

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The Fed raised the key rate by 50 basis points in December, after four back-to-back 75-bps hikes, but also indicated a prolonged period of rate hikes to above 5% in 2023. Traders' bets of a 25-basis point rate hike by the Fed in February shot up to 89% after the inflation data, from 77% previously. Advancing issues outnumbered decliners for a 2.31-to-1 ratio on the NYSE and a 1.63-to-1 ratio on the Nasdaq. The S&P index recorded eight new 52-week highs and one new low, while the Nasdaq recorded 39 new highs and 10 new lows. Reporting by Shubham Batra, Amruta Khandekar and Ankika Biswas in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

The Labor Department's report showed U.S. consumer prices grew 6.5% on an annual basis in December, in line with expectations, from a 7.1% rise last month. Markets initially spiked lower after the data, but quickly reversed to edge higher as investors assessed the numbers. Consumer prices unexpectedly fell for the first time in more than 2-1/2 years in December, suggesting that inflation was now on a sustained downward trend. Some Fed policymakers earlier this week signaled the possibility of a 25-basis point hike during the February meeting, if the much-awaited consumer prices data further adds to evidence of a cooling economy. ET, Dow e-minis were up 138 points, or 0.4%, S&P 500 e-minis were up 17.25 points, or 0.43%, and Nasdaq 100 e-minis were up 45 points, or 0.39%.

☆ Futures muted ahead of key inflation data
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

SummarySummary Companies Futures muted: Dow, S&P flat; Nasdaq down 0.1%Jan 12 (Reuters) - U.S. stock index futures were subdued on Thursday ahead of the keenly awaited December inflation data that would offer more clues on the Federal Reserve's path of monetary tightening. ET (1330 GMT), is expected to show U.S. consumer prices grew 6.5% year-on-year in December, moderating from a 7.1% rise in November. Wall Street's main indexes ended sharply higher on Wednesday, led by major technology stocks, with the S&P 500 (.SPX) and Nasdaq (.IXIC) gaining more than 1% each. This week marks the start of the quarterly earnings season, with big banks expected to report lower profits, while overall S&P 500 earnings are expected to decline year-over-year, according to Refinitiv. ET, Dow e-minis were up 1 point, S&P 500 e-minis were down 0.5 point, or 0.01%, and Nasdaq 100 e-minis were down 11 points, or 0.1%.

☆ Jim Cramer's top 10 things to watch in the market Thursday: CPI matches, Peltz Disney fight
▼ + stars: | 2023-01-12 | by ( Jim Cramer | ) www.cnbc.com time to read: +3 min

To be sure, though, the CPI print is good news, ending 2022 down 0.1% month over month and up 6.5% year over year. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

☆ As latest short squeeze unfolds on Wall Street, here's what that means and who could be next
▼ + stars: | 2023-01-12 | by ( Samantha Subin | ) www.cnbc.com time to read: +4 min

Traders are once again piling into stocks with high levels of short interest, and several companies could prove the next targets of the latest frenzy unfolding on Wall Street. As another short squeeze unfolds now on Wall Street, CNBC Pro used FactSet data to search for the next potential candidates. Silvergate's short interest as a percent of float recently stood at nearly 61%, the highest among all the stocks included in the screen. Popular online used car retailer Carvana has 58% of shares sold short. Beyond Meat and Weber are two other potential short squeeze contenders that sold off sharply in 2022, with about 40% and 32.4% of their respective shares sold short.

☆ Factbox: Tech firms, Wall Street lead job cuts in corporate America
▼ + stars: | 2023-01-11 | by ( ) www.reuters.com time to read: +6 min

Jan 11 (Reuters) - Big Tech firms and Wall Street titans are leading a string of layoffs across corporate America as companies look to rein in costs to ride out the economic downturn. HP Inc (HPQ.N):The computing devices maker said it expected to cut up to 6,000 jobs by the end of fiscal 2025. Job seekers wait before a job fair for airport related employment at Logan International Airport in Boston, Massachusetts, U.S., December 7, 2021. Blue Apron Holdings Inc (APRN.N):The online meal-kit company said it will cut about 10% of its corporate workforce, as it looks to reduce costs and streamline operations. Last year, company executives had said the home goods retailer was cutting about 20% of its corporate and supply chain workforce.

☆ Bed Bath & Beyond surges for third day in meme-stock rally
▼ + stars: | 2023-01-11 | by ( Medha Singh | ) www.reuters.com time to read: +3 min

[1/2] A person exits a Bed Bath & Beyond store in Manhattan, New York City, U.S., June 29, 2022. Among the top three companies traded on Fidelity's retail platform, Bed Bath & Beyond jumped 69% during the session and then another 20% after the bell. On Tuesday, Bed Bath & Beyond said it would lay off more employees to cut costs after reporting a bigger-than-expected quarterly loss. The rise and fall of Bed Bath & BeyondShort interest in Bed Bath & Beyond is $82.7 million, or 52.07% of its free float, analytics firm S3 Partners said in a research note. Bed Bath & Beyond's options volume was running nine times what is typical, based on recent trading, according to Trade Alert data.

☆ Wall Street ends sharply higher on optimism before key inflation report
▼ + stars: | 2023-01-11 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Among sectors, real estate (.SPLRCR) and consumer discretionary (.SPLRCD) were the day's strongest performers, while Microsoft (MSFT.O), Amazon.com (AMZN.O) and other mega-cap growth names gave the S&P 500 its biggest boost. The benchmark index is up so far for 2023 after falling sharply last year. REUTERS/Andrew KellyMoney market participants see a 75% chance the Fed will raise the benchmark rate by 25 basis points in February. This week also marks the start of the fourth-quarter earnings season for S&P 500 companies, with overall S&P 500 earnings expected to have declined year-over-year, according to IBES data from Refinitiv. The S&P 500 posted 11 new 52-week highs and 1 new low; the Nasdaq Composite recorded 98 new highs and 20 new lows.

☆ Bed Bath & Beyond jumps 68% to lead last gasp rally in meme stocks; AMC gains 21%
▼ + stars: | 2023-01-11 | by ( Yun Li | ) www.cnbc.com time to read: 1 min

In this article BBBYAMCGME Follow your favorite stocks CREATE FREE ACCOUNTA "Store Closing" banner on a Bed Bath & Beyond store in Farmingdale, New York, on Friday, Jan. 6, 2023. Johnny Milano | Bloomberg | Getty ImagesMeme stocks rallying one more time Stock Short interest % float Wed. Gain % off 52W high Bed Bath & Beyond (BBBY) 48.9% 68% -88% AMC (AMC) 21% 21% -77% GameStop (GME) 21% 7% -62%Source: FactSetThe rally in Bed Bath & Beyond was initially triggered by news that it would lay off more employees in an attempt to reduce costs and stay in business. The home goods retailer told employees that it is eliminating the chief transformation officer role, which is held by Anu Gupta, on the same day it reported disappointing fiscal third-quarter results. Bed Bath & Beyond is approaching a potential bankruptcy, as its sales decline and losses grow.

☆ Bed Bath & Beyond to lay off more employees to trim costs
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +1 min

Jan 10 (Reuters) - Bed Bath & Beyond (BBBY.O) will lay off more employees in an attempt to reduce costs, the company said on Tuesday, a week after announcing it was exploring options including bankruptcy. Last year, company executives had said the home goods retailer was cutting about 20% of its corporate and supply chain workforce. Earlier in the day, Bed Bath & Beyond reported a third-quarter loss of $393 million and said it has started cost reductions of about $80 million to $100 million across its corporate business, including overhead expenses and headcount. Shares of the company shot up about 20% as retail investors speculated it could be a potential acquisition target. CNBC, which first reported the latest layoff plans, also said Bed Bath & Beyond would be eliminating the chief transformation officer role currently held by Anu Gupta.

Bed Bath & Beyond did not take questions from analysts on its Tuesday conference call "in light of the ongoing review of strategic alternatives," said Susie Kim, head of investor relations. "It's definitely a cause for concern," said bankruptcy lawyer Daniel Gielchinsky, who does not represent Bed Bath & Beyond. Bed Bath & Beyond said it started cost reductions of about $80 million to $100 million across the business. Morningstar analyst Jaime Katz expects a Bed Bath & Beyond bankruptcy filing in the first half of 2023. The retailer reported a non-GAAP loss of $3.65 per share, wider than Wall Street's estimate of a loss of $2.23 per share.

☆ Bed Bath & Beyond reports quarterly loss, bankruptcy threat looms
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

Jan 10 (Reuters) - Bed Bath & Beyond Inc (BBBY.O) on Tuesday reported a quarterly loss of about $393 million after a tough holiday season that it hoped would provide a financial cushion to its months-long cash burn. The company did not say if it would file for bankruptcy after saying last week it was working with outside advisers to look at various options after years of weakening sales. Bed Bath & Beyond also said it started cost reductions of about $80 million to $100 million across the business, including overhead expenses and headcount. The big-box retailer is considering skipping its debt payments due on Feb. 1 in an effort to conserve cash ahead of a possible bankruptcy filing, Reuters reported earlier. Bed Bath & Beyond reported a $3.65 non-GAAP loss per share, missing Wall Street's estimates for a loss per share of $2.23.

Powell is likely to say the Fed will keep raising rates until it sees inflation is under control, Matousek added. Money market bets pointed to a 77% chance of a 25-bps hike to 4.50%-4.75% in the Fed's upcoming policy meeting, with the terminal rate seen slightly below 5% by June. ET, Dow e-minis were down 162 points, or 0.48%, S&P 500 e-minis were down 19.5 points, or 0.5%, and Nasdaq 100 e-minis were down 76.75 points, or 0.69%. Bed Bath & Beyond Inc (BBBY.O) gained 11% after the home goods retailer posted lower quarterly expenses driven by aggressive cost reduction initiatives. Reporting by Ankika Biswas and Amruta Khandekar in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Futures edge lower ahead of Powell's speech
▼ + stars: | 2023-01-10 | by ( ) www.reuters.com time to read: +2 min

The highly awaited U.S. Labor Department's inflation report on Thursday is expected to show some moderation in year-on-year consumer prices in December. Money market bets pointed to a 77% chance of a 25-bps hike to 4.50%-4.75% in the Fed's upcoming policy meeting, with the terminal rate seen slightly below 5% by June. This is in contrast to the 5%-5.25% peak policy rate expected by San Francisco Fed President Mary Daly and Atlanta President Raphael Bostic. Along with economic data and comments from Fed officials, investors are also awaiting corporate earnings reports, with big U.S. banks expected to report lower fourth-quarter profits this week. Bed Bath & Beyond Inc (BBBY.O) was up 4.9% in premarket trading, ahead of its quarterly earnings report due later in the day.

☆ Bed Bath & Beyond is running out of time
▼ + stars: | 2023-01-10 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +2 min

CNN —Bed Bath & Beyond lost a third of its sales during the holiday run-up and is running out of options to avoid bankruptcy. Sales plunged in large part because Bed Bath & Beyond did not have enough stuff on shelves from suppliers. Bed Bath & Beyond previously announced that it would close around 150 stores by the end of its 2022 fiscal year and cut costs by $500 million, including by cutting jobs. Last week, Bed Bath & Beyond issued a grim message about its future, warning that a bankruptcy filing is a possible outcome for the company. Many shoppers switched to those competitors as the novelty of Bed Bath & Beyond’s coupons faded – consumers can find plenty of cheaper alternatives on Amazon (AMZN) and other online sites.

☆ Options Action: Bed Bath & Beyond
▼ + stars: | 2023-01-10 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOptions Action: Bed Bath & BeyondOptimize Advisors' Mike Khouw on what options are saying after BBBY earnings. With CNBC's Melissa Lee and the Fast Money traders, Tim Seymour, Karen Finerman, Dan Nathan and Guy Adami.

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