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Today in the Market (6/22/2023)

Good Evening! On Thursday, there was a resurgence in the stock market following a series of central bank rate increases and the second day of testimony by Jerome Powell.

The Nasdaq Composite saw the biggest surge today by 0.95%, while the S&P 500 came in second by rising by 0.37%. Lastly, the Dow Jones almost made it above the green but fell short by 0.01%.

BED BATH & BEYOND LIVES ON!

Bed Bath and Beyond is back! According to a court filing, Bed Bath and Beyond (BBBY) will continue to exist under its current name but will no longer operate physical stores. The struggling merchant agreed to sell its intellectual property assets to Overstock.com (OSTK) for a sum of $21.5 million.

How did BBBY get here? Overstock has agreed to compensate for the brand name, business data, and digital assets of Bed Bath & Beyond. This action was taken by Bed Bath & Beyond approximately 60 days after filing for Chapter 11 bankruptcy protection, which was required by a lengthy decrease in sales that ultimately led to the downfall.

So, was it a good deal? The sum of $21.5 million allocated towards specific sections of Bed Bath & Beyond’s enterprise is significantly less than the corporation’s historical peak market capitalization of over $16 billion in 2013. The initial response from investors indicates that Overstock.com has made a favorable acquisition and made the stock surge by 17.28%

WHO WANTS SOME LAB-GROWN CHICKEN?

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The U.S. Department of Agriculture approved 2 startups located in the Bay Area to commence the sale of lab-grown poultry to American consumers, marking the first time this has been done.

Where might one buy this? The meat produced by scientists is set to be introduced in a limited capacity at two upscale restaurants (San Francisco & Washington, DC). However, Good Meat and Upside Foods, have intentions of expanding its availability to retail grocery stores in the future.

However, the obstacle of expanding the production of cultured meat may limit its accessibility to a small number of individuals who can afford it… 

  • Upside is aiming to increase its production capacity to 400,000 pounds of lab-grown meat annually. According to Watt Global Media, Tyson, which is the largest poultry producer in the United States, produces approximately 200 million pounds of poultry every week.
  • On top of that, The pricing information for the lab-grown chicken cutlets offered by the startups remains undisclosed; however, it is anticipated that the cost will eventually reach $20 per pound, thereby competing with the price of premium organic chicken.
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