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MarketWatch MarketPulseOct 01, 2020
Stocks open higher, with all eyes on Washington stimulus
U.S. stocks opened higher Thursday as investors held out hope for a last-ditch deal on another round of coronavirus fiscal aid. The Dow Jones Industrial Average gained 177 points, 0.6%, to open near 27,958, while the S&P 500 was up 26 points or 0.8% to 3,389. The Nasdaq Composite popped 1.1%, 123 points, and traded near 11,291. The White House and House Democrats have both signaled that each wants to make a deal, if at all possible, but both have reiterated that they remain far apart on many of the details. Meanwhile, furloughs begin today for tens of thousands of airline employees. Shares of Bed Bath & Beyond Inc. jumped after the bell after the home-goods retailer reported earnings that beat Wall Street expectations.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.



MarketWatch MarketPulseOct 01, 2020
Bed Bath & Beyond shares soar 28% after reporting first comp sales growth since fiscal 2016
Bed Bath & Beyond Inc. stock soared 28.6% in Thursday trading after second-quarter earnings and sales beat expectations. The home goods retailer reported net income of $217.9 million, or $1.75 per share, after a loss of $138.8 million, or $1.12, last year. Adjusted EPS of 50 cents was well ahead of the FactSet consensus, which was for a loss of 30 cents per share. Sales of $2.69 billion were down from $2.72 billion last year, but ahead of the FactSet consensus for $2.63 billion. Comparable sales grew for the first time since the fourth-quarter of fiscal 2016, up 6%. FactSet forecast a 2.1% decline. And digital sales growth was 89%. During the quarter, the company generated more than $750 million in cash flow, reduced debt by $500 million and brought its liquidity up to $2.2 billion through cash and a new $850 million secured asset-based lending facility. Bed Bath & Beyond didn't provide guidance due to the ongoing uncertainty of the coronavirus pandemic, but expects to achieve the goals laid out in its restructuring program, including annualized EBITDA improvement of $250 million to $350 million, excluding one-time costs, cost savings of about $100 million through the closure of 200 stores over the next two years, and about $150 million in savings from 2,800 job cuts. Bed Bath & Beyond shares are up 12.5% for the year to date while the S&P 500 index has gained 4.5% for the period.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


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