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News of the day for April 24, 2023

Bed Bath and Beyond storefront.

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Bed Bath & Beyond filed for bankruptcy after failing in its turnaround efforts and Big Tech companies like Alphabet, Microsoft and Amazon will highlight earnings reports this week. Here’s what investors need to know today.

1. Bed Bath & Beyond Files for Bankruptcy after Failed Turnaround

Embattled retailer Bed Bath & Beyond (BBBY) filed for Chapter 11 bankruptcy over the weekend following failed turnaround efforts.  The retailer warned of a potential bankruptcy for months after it sought a $375 million loan to get through the holidays. It now expects to close all of its 360 Bed Bath & Beyond and 120 Buybuy Baby stores.

2. Big Tech Earnings in Spotlight This Week

This will be a big week for tech earnings, with 180 of the S&P 500 companies set to report earnings. Alphabet (GOOG) and Microsoft (MSFT) will report results tomorrow, followed by Meta Platforms (META) on Wednesday, and Amazon (AMZN) on Thursday.  Alphabet is expected to report a 1.2% rise in first quarter revenue, boosted by growth in its cloud segment. On the same day, Microsoft could to report a rise in third quarter revenue driven by a boost from AI across its cloud and Office 365 products.

3. Credit Suisse Borrowed Big Before UBS Takeover

Credit Suisse had $69 billion of outflows in the first quarter before a takeover by rival UBS. First quarter results showed that its key units continued to lose money and shed clients, and that the firm borrowed far more from a central bank liquidity backstop than previously known.

4. GM to Recall Silverados on Brake Fluid Leak Worries

GM is recalling some of its Chevy Silverado trucks after discovering a potential brake-fluid leak that could result in fire. The recall could involve as many as 40,000 medium duty trucks made in 2019 or later.

5. J&J to Pitch IPO of Kenvue Consumer Health Business

Johnson & Johnson is set this week to start a roadshow to pitch its $3.5 billion IPO of its consumer healthcare business called Kenvue. The listing of shares of the producer of healthcare names such as Tylenol will be a test of the IPO market that has struggled for the past year.

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  1. CNN. “Bed Bath & Beyond files for bankruptcy.

  2. CNN. “Big Tech earnings are on deck this week. Why that matters.”

  3. Reuters. “Credit Suisse lost $68 billion in assets last quarter, outflows continue.”

  4. Detroit Free Press. “GM recalls 40,000 trucks to fix break fluid fire risk.”

  5. WSJ. “J&J Consumer-Health IPO Process to Kick Off Key Test for Moribund New-Issue Market.”

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