Bed Bath & Beyond (BBBY): Shares moved higher in after-hours trading, after surging nearly 25% on Monday, ahead of the retailer’s highly anticipated strategic update August 31. The Wall Street Journal reported last week that Bed Bath & Beyond is close to finalizing a loan of nearly $400 million as it seeks to boost liquidity. Shares of the meme stock have soared this month and on pace for a record monthly gain in August, with the stock rallying more than 170%. Bed Bath & Beyond’s gains lifted other meme favorites, including GameStop (GME) and AMC (AMC).
Best Buy (BBY): Best Buy is in focus ahead of its quarterly results before the bell Tuesday. The company cut its full year profit and sales forecast in July, citing softening demand. Best Buy CEO Corie Barry wrote “as high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further, leading to Q2 financial results below the expectations we shared in May.” The retailer is expected to post adjusted earnings from continuing operations of $1.35 per share on revenue of $10.33 billion, according to Wall Street’s consensus estimates compiled by Bloomberg.
Baidu (BIDU): Baidu shares fell Monday ahead of the Chinese tech giant’s earnings Tuesday before the bell. Covid disruptions are expected to weigh on results, with the Street forecasting its first negative sales growth in two years. Daily active users for the quarter are estimated to total 228.4 million.
Peloton (PTON): Peloton filed to delay its 10-K, saying it requires more time to complete accounting disclosures. According to the regulatory filing, Peloton needs additional time “to permit completion of the accounting and disclosures” related to its recent announcement to exit its last mile warehouses, “including management’s assessment of the effectiveness of internal controls over financial reporting as it relates to its accounts and disclosures related to these strategic business developments and for its registered public accounting firm, Ernst & Young LLP, to complete its necessary audit procedures over these matters,” according to the filing. Peloton shares have fallen -62% in the past six months.
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