Tuesday (November 15) Highlights: The easing of the situation between China and the United States, coupled with the growing confidence of investors in the Federal Reserve to slow down the pace of interest rate hikes, has attracted many buyers to the stock market again, driving the main stock index futures of the US Wall Street stock market to rise on Tuesday. At the 7 o'clock deadline, the Standard and Poor's 500 Index futures rose 31.50 points or 0.80% to 3988.80; the Nasdaq 100 Index futures rose 138.90 points or 1.19% to 11,839.80; the Dow Jones Index futures rose 201.40 points to 33738.10. The main Wall Street stock indexes closed lower overnight (14th), led by real estate and non-essential stocks. Investors digested comments of Fed officials raising interest rates, and now the market is looking for a catalyst for the next sprint. The S & P 500 fell 36.68 points overnight and closed at 3957.25. The heavyweight Dow Jones Index fell 211.16 points and closed at 33536.70. The tech-heavy Nasdaq 100 also retreated 0.98%, or 116.07 points, to close at 11,700.94. Overnight trading in the U.S. stock market was average, with total volume on exchanges of 11.5 billion shares, significantly less than the average 12.1 billion shares over the past 20 days. Premarket Trading Highlights: Warren Buffett's Berkshire Hathaway Inc entered the market last quarter buying $5.1 billion worth of TSMC shares. Shares in TSMC rose $7.48, or 10.27%, in premarket trading tonight, to $80.28 at the deadline. Soros Fund Management, owned by US billionaire George Soros, increased its investment in Chinese electric vehicle NIO (NIO) in the third quarter of this year, buying NIO's Call Options for the first time. NIO shares rose $0.71 or 6.36% in premarket trading tonight, to $11.88 at the deadline. Chinese concept stocks listed in the US continued to have a strong premarket trend tonight. Bilibili shares soared more than 14%, Alibaba shares rose more than 11%, iQIYI shares rose more than 9%, and JD.com shares rose more than 8%. Cryptocurrency-related stocks rebounded in premarket trading tonight. Bit Digital shares rose more than 5%, Canaan and Riot Blockchain shares also rose more than 3%, and Marathon and Coinbase both rose more than 2%. Today we take a look at why homewares retailer Bed Bath & Beyond Inc issued new shares. The stock starts at $0.09 before trading tonight, and Deadline Times is $3.83. Premarket active stocks in order: Tesla, Amazon, Apple, Microsoft and Advanced Micro Devices. Shares in all five active stocks rose at the time of writing.
Bed Bath & Beyond executed a similar $31.5 million debt buyback last week by issuing 2.8 million shares. (Reuters)
Bed Bath & Beyond (NASDAQ: BBBY)
(Morning News) Housewares retailer Bed Bath & Beyond Inc has decided to reduce debt totaling $100 million by offering a total of 11.7 million shares to several existing institutional investors.
Bed Bath & Beyond announced Monday (14th) that the company will issue shares in exchange for 13.11% of earlier maturing unsecured notes (Unsecured Notes). The company noted that these notes are mainly notes maturing in 2024, 2034 and 2044. The company expects to close the deal on Wednesday, and the notes will also be written off after the deal closes.
Bed Bath & Beyond also executed a similar $31.5 million debt buyback last week by issuing 2.8 million shares. "We are pleased to have been able to make significant progress in the flexibility of our company finances, further reducing our long-term debt, especially the notes due in 2024," said Sue Gove, CEO of
Bed Bath & Beyond.
Although adjusted in terms of workout, the shares are diluted, so out of 10 analysts at Tipranks, only two give the stock a "hold" rating, and as many as eight give the stock a "sell" rating, with a one-year average price target of $4.28. However, at the overnight closing price of $3.74, analysts seem to think the stock has an upward potential of 14.44%.