Market Updates
Movers: Bed Bath & Beyond, Barrick Gold, Costco, FedEx, Newmont Corp
Scott Peters
06 Apr, 2023
New York City
Bed Bath & Beyond Inc declined 7.4% to 31 cents after the company proposed a reverse stock split plan so the struggling retailer can raise more equity capital.
"We need to raise equity capital to have the necessary cash resources to fund operations and service obligations under our Credit Agreement,” the company said in a regulatory filing.
Costco Wholesale Corporation fell 2.4% to $484.90 after the specialty retailer reported a decline in comparable sales in March.
The retailer reported net sales of $21.71 billion in March, the five weeks ended April 2, 2023, an increase of 0.5% from $21.61 billion last year.
Comparable sales in the period declined 1.1% across all regions and dropped 1.5% in the U.S. and e-commerce sales decreased 12.7%.
Comparable sales excluding gasoline in the U.S. rose 0.9% and adjusted for foreign exchange increased 7.4% in Canada and 7.6% in international markets.
FedEx Corp increased 1.5% to $233.49 after the company announced its restructuring plan and a change in executive compensation program.
The parcel delivery company is looking to save $4 billion in costs by the fiscal year 2024 and realign its executive compensation packages that are more in line with shareholder interests.
Newmont Corporation closed unchanged at $52.08 and Barrick Gold Corp increased 0.3% to $19.73 after gold traded above $2,000 an ounce for the third day in a row.
Gold fell $12.02 to $2,008.33 but traded near the high it reached since October 2020 as investors fear recession after four jobs reports in two days shows weakening trends in the labor market.
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