Good Evening. U.S. stocks rose for a fourth straight session on Thursday, driven by gains in all major industry sectors. Investors anticipate the crucial June jobs report, which will be released before Friday’s opening bell.
The Nasdaq increased by 2.28% while the S&P 500 rose by 1.50%, and 1.12% were added to the Dow Jones.
PUTTING YOUR MONEY WHERE YOUR MOUTH IS
Despite what some analysts are predicting, the interim CEO of Bed Bath & Beyond (BBBY) is placing a large wager with her own money that she can prevent the struggling retailer from going out of business. According to a fresh SEC filing made available following Wednesday’s market close, Sue Gove invested $230,500 in the home goods retailer’s stock.
Early on Thursday, shares increased by more than 20%. Since the beginning of the year, the stock has plummeted by almost 70% as a result of numerous disappointing results and failed turnaround attempts.
The seasoned retail executive must first stabilize the business. This is probably going to include the long-awaited sale of the buybuy Baby chain of stores, the introduction of more name brands back into the market (which should resolve supply chain issues), and a more consistent cadence of sales to entice customers.
To allay worries among vendors about receiving payment for their goods, Gove might also need to raise money through the issuance of new debt or shares.
Finally, Gove needs to win over influential shareholders like Ryan Cohen, chairman of GameStop. Cohen has been pushing for change at Bed Bath & Beyond for months (and is still a shareholder in BBBY, according to a source speaking to Yahoo Finance). It is obvious that his concerns haven’t been taken seriously at the same time that the value of his investment has dropped significantly.
TWO STATES COMING TOGETHER
New York and New Jersey both agree that the congested rail lines connecting the two states need to be drastically improved.
A new train tunnel under the Hudson River would be constructed as part of the $14.2 billion Gateway megaproject, which has been in limbo for years. The Democratic governors of both states agreed to split the cost of the project’s first phase. As a result of the agreement, Step 1 of the project, which involves replacing a bridge that is 112 years old, may move forward this year.
Advocates of Gateway claim that improving travel connections between NJ and NY is essential for ensuring the stability of the national economy in addition to being advantageous to the local community.
- The 10-mile commuter rail line connecting the two states sees more than 200,000 riders every day, making it the busiest rail in North America.
- However, that section of the Northeast Corridor, a passenger rail line serving a region that contributes 20% of US GDP, has turned into a bottleneck due to frequent delays.
This could mean that the project might finally, materialize now that both governors are on board and there is a sympathetic administration in the White House.