The week has begun when big tech earnings announcements are scheduled one after another. The U.S. stock market closed mixed on the 24th (local time). The Dow is up 0.20%, the S&P 500 is up 0.09%, and the Nasdaq is down 0.29%.
This week, the market will probably cry and laugh depending on Big Tech first-quarter performance. Microsoft and Alphabet, Google’s parent companies, will release quarterly results on Tuesday, the 26th, and Amazon on the 27th.
Big Tech has laid off thousands of employees over the past few months. Investors will want to see if this restructuring actually leads to corporate profits. We will also look forward to future strategies related to AI (Artificial Intelligence) technology, which is the hottest these days. Tech shares have already risen considerably this year. The key is whether there is a good performance to support this stock price trend.
The notable stock on this day is Bed Bath & Beyond (BB&B), which filed for bankruptcy protection the previous day. The stock price, which had already bottomed out, fell by 35.67%. The stock price, which was $17 a year ago, has now shrunk to $0.19. The previous day, BB&B announced that it plans to close all its stores by June 30. It closed 52 years after its establishment in 1971. Although many factors are intertwined, the biggest reason for the competition is the failure to adapt to the e-commerce environment. In online and logistics, I neglected to invest and concentrated on growing the company through mergers and acquisitions.
BB&B was also famous for its meme stocks. Last summer, stock prices soared 400% in 20 days due to the support of individual investors against short selling (which soared from $4.6 to $23.08 at the time). Small investors, so-called “ants,” also participated in this. Since then, the stock price has plummeted and eventually reached this point