Bed Bath & Beyond announces store closures, layoffs

INDONESIAKININEWS.COM -  The S&P 500 finished off a disappointing month Friday but cut its losses following a monthly U.S. jobs report t...

INDONESIAKININEWS.COM - The S&P 500 finished off a disappointing month Friday but cut its losses following a monthly U.S. jobs report that was mostly in-line with expectations.

On Friday, the Labor Department reported the U.S. economy added 315,000 jobs in August, exceeding economist estimates of 298,000 jobs. U.S. wages were up 5.2% year-over-year and 0.3% from July.

Bed Bath & Beyond investors were not impressed by the struggling retailer's new business plan unveiled on Wednesday. The company announced $500 million in new financing and plans for layoffs and store closures, and the stock traded lower by more than 25% on the week.

On Wednesday, chipmaker Nvidia disclosed the U.S. government is restricting sales of its semiconductor products to China over concerns the Chinese military could exploit the technology. Nvidia said it expects to lose about $400 million in revenue from China in the current quarter, sending Nvidia's stock down more than 12% on the week.

Starbucks announced on Thursday that Laxman Narasimhan, former CEO of health and hygiene company Reckitt, will be taking over as the new CEO of Starbucks. Narasimhan will join Starbucks in October but will not replace interim CEO Howard Schultz until April 2023.

Made In China

Pinduoduo shares traded higher this week after the Chinese e-commerce giant reported second-quarter earnings and revenue beats on Monday and launched its Temu e-commerce platform in the U.S. market on Thursday.

Investors will get more quarterly earnings reports from NIO, American Eagle Outfitters and GameStop on Wednesday and Bilibili on Thursday.

At least 404 S&P 500 companies have mentioned the term "inflation" during their second-quarter earnings calls, according to FactSet.

Economic numbers

In the week ahead, investors will get key economic updates on Thursday when the European Central Bank releases its latest interest rate decision and accompanying commentary and Federal Reserve Chair Jerome Powell speaks at the Cato Institute’s 40th Annual Monetary Conference.

Benzinga is a financial news and data company headquartered in Detroit.

Source: freep


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IndonesiaKiniNews.com: Bed Bath & Beyond announces store closures, layoffs
Bed Bath & Beyond announces store closures, layoffs
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