Bed Bath & Beyond (BBBY): Shares rose in after-hours trading after jumping nearly 25% on Monday ahead of the retailer’s much-anticipated August 31 strategic update. The Wall Street Journal reported last week that Bed Bath & Beyond is close to finalizing a nearly $400 million loan as it seeks to boost liquidity. Shares of the meme stock have soared this month and are on pace for a record monthly gain in August, with shares up more than 170%. Bed Bath & Beyond’s earnings lifted other favorite memes, including GameStop (GME) and AMC (AMC).
Best Buy (BBY): Best Buy is in focus ahead of its quarterly results before the bell on Tuesday. The company cut its full-year profit and sales forecast in July, citing softening demand. Best Buy CEO Corey Barry wrote, “As high inflation persisted and consumer sentiment soured, customer demand in the consumer electronics industry softened further, leading to second-quarter 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 consensus estimates compiled by Bloomberg.
Baidu (WILL BE): Baidu shares fell on Monday ahead of the Chinese tech giant’s earnings on 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 needed more time to complete accounting disclosures. According to the regulatory filing, Peloton needs additional time “to allow for the completion of 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 with respect 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 on these matters,” the filing said. Peloton shares have fallen -62% over the past six months.
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