Latest stock market news: Bed Bath & Beyond names new CFO after suicide, OPEC’s production cut falls flat, retailer kicks off holiday hiring push

House Speaker Nancy Pelosi is planning her next move after an expected Republican victory in November.

Sources tell FOX Business’ Maria Bartiromo that Pelosi wants President Biden to nominate her to become the next US ambassador to Italy if the GOP takes the House majority in the midterm elections.

Sources tell Bartiromo that Biden is holding the spot for the speaker, which is one reason he has yet to fill the position since taking office.

Read the full story: Pelosi seeks ambassadorship to Italy if GOP wins House majority in midterms

The US housing market has likely tumbled into its first recession in more than a decade, and Goldman Sachs economists warned that investors should brace for the downturn to get worse.

In a note to clients, Goldman strategists predicted that activity in the housing sector will slow sharply in the coming months, with price growth eventually falling to zero in the third quarter of next year.

“We expect home price growth to stall completely, averaging 0% in 2023,” the Goldman analyst, led by Jan Hatzius, said. “While outright declines in national home prices are possible and appear quite likely for some regions, large declines seem unlikely.”

Grand Ole Opry owner reinstates dividend

symbol Price Change %Change
rhp $79.52 -0.89 -1.11

Ryman Hospitality Properties is reinstating its dividend. The owner of Opryland and other Gaylord properties will pay 10 cents per share on Oct. 17 to stockholders of record as of Sept. 30.“

Our hotel performance has remained strong through the summer, as group room nights traveled in August surpassed 2019 levels,” said chair and CEO Colin Reed.

July occupancy of 74.9% was 94.7% of July 2019’s occupancy level.

August 2022 set a new individual monthly record for average daily rate on new bookings at approximately $252, up approximately 13% from August 2021 and approximately 20% from August 2019, the company said in an investor presentation.

Walmart announces bond offering

symbol Price Change %Change
WMT $132.74 -0.26 -0.20

Walmart has registered a four-part bond offering. The initial prospectus did not include the size or terms.

The world’s largest retailer plans to use the proceeds for general corporate purposes, which may include repayment, refinancing or replacement of maturing debt, among other uses.

The company has $29.8 billion of long-term debt and $4.4 billion of long-term finance lease obligations.

Standard & Poor’s and Fitch gave the proposed notes an ‘AA’ rating.

“Walmart’s credit profile is supported by reasonable adjusted debt/EBITDAR (capitalizing leases at 8x), which has historically trended around 2.0x. Walmart has maintained its leverage profile through occasional debt reduction, including during 2015-2017 as EBITDA declined, and Fitch would expect the company to maintain this discipline should current challenges persist. Adjusted leverage is expected to trend near 2.0x beginning 2022,” Fitch said.

Developing Story

symbol Price Change %Change
NVDA $137.18 0.71 0.52
amd $80.11 -0.13 -0.16
AMAT $91.33 0.09 0.10

Semiconductor stocks are seeing some action as the White House lays out an economic strategy for the CHIPS Act, aimed at making the US less dependent on Asia for chips that are used in everything from cars to phones to appliances. Improving the chip industry is critical for the economy.

ISM services index grows for the 27th month in a row

Economic activity in the US services sector grew in August for the 27th month in a row. The Institute for Supply Management’s (ISM) services index registered 56.9 percent, 0.2 percentage point higher than July’s reading of 56.7 percent.

“Growth continues — at a slightly faster rate — for the services sector, which has expanded for all but two of the last 151 months,” said Anthony Nieves, Chair of the ISM’s Services Business Survey Committee.

The 14 services industries reporting growth in August were: Mining; Real Estate, Rental & Leasing; Utilities; Construction; Educational Services; Information; Transportation & Warehousing; Wholesale Trade; Health Care & Social Assistance; Public Administration; Finance & Insurance; Management of Companies & Support Services; Professional, Scientific & Technical Services; and Other Services.

The two industries reporting a decrease in the month of August were: Agriculture, Forestry, Fishing & Hunting; and Arts, Entertainment & Recreation.

Brazil orders Apple to suspend iPhone sales without charger

symbol Price Change %Change
AAPL $154.09 -1.72 -1.10

Brazil’s government on Tuesday ordered Apple Inc to stop selling iPhones without a battery charger in the country, claiming that the company provides an incomplete product to consumers.

The Justice Ministry fined Apple 12.275 million reais ($2.38 million) and ordered the cancellation of the sale of the iPhone 12 and newer models, in addition to suspending the sale of any iPhone model that does not come with a power charger.

In the order, published in the country’s official gazette, the ministry argued that the iPhone was lacking an essential component in a “deliberate discriminatory practice against consumers.”

The authorities rejected Apple’s argument that the practice had the purpose of reducing carbon emissions saying that there is no evidence of environmental protection from selling the smartphone without a charger.

The order comes a day before Apple Inc is expected to announce its new iPhone model.

Apple declined to comment on the matter.

($1 = 5.1548 reais)

Arm & Hammer makes buys Hero acne brand for $630M and lowers 2022 outlook

Church Dwight Co Inc.

$

84.18

symbol Price Change %Change
CHD $82.08 -2.10 -2.50

Church & Dwight has agreed to buy the Hero Mighty Patch brand and other acne treatment products for $630 million in cash and stock. The Hero patch is the fastest growing treatment for acne.

Church & Dwight also lowered its 2022 outlook. “We now expect full year reported sales growth of 2% to 4% (previously 4% to 5%), reflecting the incremental growth from Hero offset by continued softness across our more discretionary brands,” said CEO Matthew Farrell.

For the third quarter, the company now expects reported sales to decline -1% (previously growth midpoint of 3%) reflecting lower demand for Waterpik, Vitafusion and Flawless.

Earning per share were affirmed at $0.65 (no change to previous outlook).

Church & Dwight makes products under brands including Arm & Hammer, Oxiclean, Nair, Orajel and Zicam.

breakingnews

Stocks struggle for direction, Bed Bath & Beyond shares slide as new CFO named

All three of the major averages struggled to find direction after the Labor Day holiday with the Nasdaq Composite facing headwinds as Bed Bath & Beyond shares slid over 13% following the suicide of its CFO over the weekend. The company has named Lauren Crossen, inside finance executive, as interim CFO. In commodities, oil ticked higher by 0.6% to the $87 per barrel level.

breakingnews

Bed Bath & Beyond names new CFO

Following the sudden death of CFO Gustavo Arnal by suicide, Bed Bath & Beyond has named his replacement company insider Laura Crossen, the Company’s Senior Vice President of Finance and Chief Accounting Officer, as Interim CFO.

Bed Bath Beyond Inc.

$

8.63

breakingnews

Arts and crafts retailer Michaels is preparing for a busy holiday shopping season early with plans to beef up hiring. The holiday hiring move is the first among major retailers this season.

Michaels is owned by private equity firm Blackstone.

Bed Bath & Beyond shares slide in premarket trading

This story discusses suicide. If you or someone you know is having thoughts of suicide, please contact the Suicide & Crisis Lifeline at 988 or 1-800-273-TALK (8255).

Shares of Bed Bath & Beyond slid in premarket trading following a tragic weekend for the home goods retailer amid even more questions about its future.

Bed Bath & Beyond confirmed that Chief Financial Officer Gustavo Arnal, 52, died after jumping from the iconic Jenga Tower skyscraper in downtown Manhattan on Friday. A spokesperson for the New York City Medical Examiner’s Office confirmed to FOX Business that Arnal took his own life and suffered multiple blunt trauma injuries.

Arnal, GameStop Chairman Ryan Cohen and JPMorgan Chase have been accused in a class action lawsuit of a “pump and dump” scheme to artificially inflate the company’s stock.

Read the full story: Bed Bath & Beyond stock in focus after CFO death ruled a suicide, shareholder lawsuit

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