Bed Bath & Beyond shares drop after it files for bankruptcy protection – Detroit Free Press

Benzinga| Detroit Free Press

The S&P 500 logged a weekly gain following the release of encouraging inflation data and a weaker-than-expected first-quarter economic growth report.

On Friday, the Bureau of Economic Analysis reported the personal consumption expenditures price index increased by 4.2% year-over-year in the month of March, down from 5% in February. Core PCE, which excludes volatile food and energy prices and is the Fed's preferred inflation gauge, was up 4.6%, above analyst estimates of a 4.5% gain.

On Thursday, the Bureau of Economic Analysis reported U.S. GDP grew 1.1% year-over-year in the first quarter, far below the 2% growth economists predicted. GDP growth slowed from 2.6% in the fourth quarter and 2.1% full-year growth in 2022.

On Monday, First Republic Bank reported its deposits dropped nearly 41% in the first quarter, sending the stock tumbling nearly 50%. With shares down more than 95% year-to-date, investors are concerned First Republic may be the next bank to collapse in the ongoing U.S. regional banking crisis that brought down Silicon Valley Bank, Signature Bank and Silvergate in March.

Shares of Bed, Bath & Beyond dropped to around 10 cents on Friday following the company's Chapter 11 bankruptcy protection filing last Sunday. Bed, Bath & Beyond announced on Tuesday that it received a notice from Nasdaq that its common stock will be delisted from the exchange and trading will be suspended on May 3.

More: Rolling back Michigan's retirement tax triggers plenty of questions, confusion

Meta Platforms shares jumped Thursday after the Facebook and Instagram parent company reported its first positive revenue growth in four quarters and exceeded expectations with its second-quarter guidance.

Shares of popular restaurant chain Chipotle Mexican Grill also gained nearly 14% on the week after the company reported first-quarter earnings and revenue numbers that beat analyst expectations.

In the week ahead, investors will get more quarterly reports from Ford Motor, Uber Technologies and Advanced Micro Devices on Tuesday and Apple on Thursday.

S&P 500 net profit margins are on track to decline for the seventh consecutive quarter, according to FactSet.

Following the March PCE inflation data, Wall Street will get more economic updates on Wednesday when the Federal Reserve releases its latest interest rate decision and related commentary and on Friday when the Labor Department releases its April U.S. jobs report.

More: Higher living costs force Americans to cut back on retirement savings, survey says

Benzinga is a financial news and data company headquartered in Detroit.

See the article here:

Bed Bath & Beyond shares drop after it files for bankruptcy protection - Detroit Free Press