Markets
WSJ Digital Edition Talks About The Stocks That Defined the Week
Apr
Fox Corp.
WSJ Digital Edition says that Tucker Carlson is out at Fox News. The network on Monday said that it had parted ways with the prime-time host, a surprising move that comes after he made disparaging remarks about colleagues that were disclosed during a legal battle with a voting-machine company Dominion Voting Systems. Fox News’ decision came less than a week after parent company Fox agreed to pay $787.5 million to settle the lawsuit with Dominion. Mr. Carlson’s exit creates another high-profile opening in the cable-news landscape, as CNN parted ways with Don Lemon on the same day. Fox shares lost 3% Monday.
Bed Bath & Beyond Inc.
Say goodbye to Bed Bath & Beyond BBBY -7.98%decrease; red down pointing triangle. Once a pop-cultural phenomenon, the embattled retailer filed for bankruptcy and will be closing its stores after years of losses and failed turnaround plans. Bankruptcy allows the company to conduct going-out-of-business sales and solicit interest from potential buyers for its remaining assets. Individual investors who backed Bed Bath & Beyond during its final months will likely be wiped out in chapter 11. The company plans to close all 360 Bed Bath & Beyond and 120 Buybuy Baby retail locations eventually. Bed Bath & Beyond shares plunged 36% Monday.
First Republic Bank
March’s banking panic took a worse toll than expected on First Republic. The regional bank’s first-quarter earnings report Monday detailed its precarious financial situation after customers pulled out about $100 billion in deposits last month. The deposit run forced the bank to take on expensive loans from the Federal Reserve and Federal Home Loan Bank, which is likely to crimp future earnings. First Republic will reduce head count by 20% to 25% and slash executive pay as it restructures its balance sheet. First Republic shares plummeted 49% Tuesday to close at $8.10, a new low, WSJ Digital Edition said.
Gap Inc.
Gap is cutting more staff. The retail chain said it is eliminating 1,800 jobs as part of a broad restructuring aimed at making the company more nimble and less bureaucratic. The Wall Street Journal reported Monday that Gap was planning the new round of layoffs, after shedding roughly 500 corporate positions in September. The current job cuts are expected to result in $300 million in annualized savings, the company said Thursday. Last year’s layoffs were part of efforts to save about $250 million annually. Gap shares declined 6.4% Tuesday.
General Motors Co.
General Motors is unplugging the Chevy Bolt. The auto maker said Tuesday it would drop the Bolt from its lineup, killing off its first mainstream electric vehicle after troubles with battery fires and sluggish sales. The company lifted its earnings outlook after beating quarterly profit expectations, and Chief Financial Officer Paul Jacobson said vehicle demand remains strong. Mr. Jacobson said GM doesn’t need to match price cuts in the fast-growing electric-vehicle market, including several recent reductions by Tesla Inc. GM shares dropped 4% Tuesday, WSJ Digital Edition reported.
Exxon Mobil Corp.
Profits aren’t drying up for oil giants. Exxon and Chevron Corp. collectively posted $18 billion in first-quarter earnings, beating Wall Street expectations even as energy prices fell. The companies soared to record profit last year as Russia’s invasion of Ukraine pushed oil prices to multiyear highs. This year, investors fear an economic slowdown could suppress energy prices and weigh on the companies. Both Exxon and Chevron cited climbing oil-and-gas production as critical to their returns. Exxon shares rose 1.3% Friday.