Bed Bath & Beyond's Offering
And, Solana surges in a crypto rally.
Today is Wednesday, April 12, 2023.
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Bed Bath & Beyond's Offering
Some good news for Bed Bath & Beyond (Nasdaq: BBBY) investors as the price of the stock ticked up by 3.28% in after-hours trading on Tuesday.
Details: Bed Bath & Beyond announced in a regulatory filing that it is offering 111.7 million shares through an agreement with B. Riley Securities. The announcement included a deal for 100.1 million shares that were sold on Monday for $48.5 million.
Background: For months, Bed Bath & Beyond has been on the verge of bankruptcy. The company has tried to avoid it by raising as much money as possible. Business had been bad for the retailer. Two months ago, it was also the subject of a meme stock rally.
Stock Price: Shares of Bed Bath & Beyond are down 98% in the last 12 months, including an 86% drop in 2023, and a 74% drop in the last 30 days. Shares are now trading at 31 cents.
Final Thoughts: Although this offering is good news for the cash-strapped company, overall the picture is bleak. Unless things really turn around soon, then Bed Bath & Beyond could face bankruptcy.
Notable Earnings Today: Apogee Enterprises (Nasdaq: APOG), Rent the Runway (Nadaq: RENT), Theratechnologies (Nasdaq: THTX), Sportsman's Warehouse (Nasdaq: SPWH), LVMH Moet Hennessy Louis Vuitton SA Unsponsored ADR (OTCMKTS: LVMUY).
Notable IPOs Today: Golden Heaven Group Holdings Ltd. Ordinary Shares (Nasdaq: GDHG), Altamira Therapeutics Ltd. Warrant (Nasdaq: CYTOW), MKAM ETF (Nasdaq: MKAM).
Notable Equity Crowdfunding Campaigns Ending Today: Blockchain Institute of Technology (StartEngine).
Notable Economic Events Today: Consumer Price Index / Core CPI (8:30 a.m. ET), Crude Oil Inventories (10:30 a.m. ET), Federal Budget Balance (2:00 p.m. ET), FOMC Meeting Minutes (2:00 p.m. ET).
Solana Surges During Crypto Rally
Tuesday was a good day for the cryptocurrency Solana, which jumped by 6%.
Details: The proof-of-stake network is getting buzz as the non-fungible token (NFT) market recovers. Saga, a new phone that is powered by Solana, is also set to launch on Thursday.
Bigger Picture: Cryptos in general are having a strong start to 2023. There seems to be some positive momentum in the market. The perception is that if the U.S. Federal Reserve decides to slow down its rate hikes, then risky investments such as crypto might benefit.
Numbers: Solana’s price has more than doubled in 2023. It’s a big recovery after a bad 2022.
Final Thoughts: Cryptos are still risky, but Solana has been in a good place lately.
Procter & Gamble’s Dividend Hike
Consumer goods giant Procter & Gamble (NYSE: PG) announced some good news late Tuesday.
Dividend: First, the company increased its quarterly dividend by 3% to $0.9407 per share.
Also: Procter & Gamble also welcomed two new members to the board of directors. Joining the board will be former U.S. Senator Rob Portman and Sheila Bonini, a senior vice president of the World Wildlife Fund.
Stock Price: The stock is about even this year, but is up 9% in the last 30 days.
Final Thoughts: Procter & Gamble has enjoyed some upgrades from analysts recently. Some investors think that consumer stocks look safe right now.
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Trends to Watch
It’s Here: What’s Next After Ethereum’s Shanghai Upgrade? (CoinDesk)
Weight Gain: Shares Of Weight Watchers Parent Surge 60% After Pivot To Ozempic (Forbes)
What’s Happening: WhatsApp users in Brazil can now pay merchants through the app (TechCrunch)
Windy City Departure: Walmart Halves Chicago Stores to Just Four as Losses Mount (Bloomberg)
Carry on: Carrier Plots Separation of Fire Unit (The Wall Street Journal)
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