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Top News in Finance for April 24, 2023

by 24. Apr 2023 @ 7:16News, Top Market Insights for Today

KEY POINTS

Welcome to Monday!

Stay ahead of the curve with our rapid-fire roundup of today’s most impactful financial news, tailored to keep you informed and ready to seize opportunities.”

  • Bed Bath & Beyond files for Chapter 11 bankruptcy after failed turnaround
  • Big Tech earnings in the spotlight this week, with Alphabet, Microsoft, Meta Platforms, and Amazon reporting
  • Credit Suisse had $69 billion of outflows in Q1 before takeover by UBS
  • GM to recall Chevy Silverado trucks due to potential brake-fluid leak
  • J&J to pitch IPO of consumer health business Kenvue

Bed Bath & Beyond Files for Bankruptcy after Failed Turnaround

Bed Bath & Beyond has filed for Chapter 11 bankruptcy after failed turnaround efforts. The retailer struggled in recent years as it faced increased competition from e-commerce rivals, prompting its decision to close all 360 Bed Bath & Beyond and 120 Buybuy Baby stores.

Big Tech Earnings in Spotlight This Week

This will be a big week for tech earnings, with Alphabet, Microsoft, Meta Platforms, and Amazon reporting results. Alphabet is expected to report a 1.2% rise in Q1 revenue, while Microsoft is expected to report a rise in Q3 revenue driven by a boost from AI across its cloud and Office 365 products.

Credit Suisse Borrowed Big Before UBS Takeover

Credit Suisse had $69 billion of outflows in Q1 before a takeover by rival UBS. The company had continued to lose money and shed clients, and borrowed far more from a central bank liquidity backstop than previously known.

GM to Recall Silverados on Brake Fluid Leak Worries

GM is recalling some of its Chevy Silverado trucks made in 2019 or later due to a potential brake-fluid leak that could result in fire. As many as 40,000 medium-duty trucks could be affected.

J&J to Pitch IPO of Kenvue Consumer Health Business

Johnson & Johnson is set to start a roadshow to pitch its $3.5 billion IPO of its consumer healthcare business called Kenvue. The listing of shares of the producer of healthcare names such as Tylenol will be a test of the IPO market.

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