Bed Bath and Beyond have reported a loss for the quarter at 38 cents a share in comparison to the forecasts of a profit being 2 cents a share. The revenue for the houseware retailer has also come in below the estimates and the company has withdrawn their forecast for the full year. The new CEO, Mark Tritton has said that the current quarter is going to remain pressurized and has said that these results were not satisfactory.
Elsewhere, Occidental Petroleum has said that it is going to begin their new round of cutting jobs following their buyout of Anadarko Petroleum being $38 billion. The producer of energy has not given the statistics of the number of jobs which are expected to be cut but it is selling the assets and reducing the expenditure since the deal has been completed.
HP Inc. has also rejected a bid of takeover by Xerox saying that the proposal is undervaluing the printer and computer maker. HP has also said that the fact Xerox has been able to secure the financing of $33 billion is not going to be a basis for the discussion of takeover.
For Alphabet, Bank of America Securities has decided to raise the price target to $1,620 a share. The target earlier for the parent company of Google was $1,450 per share. The revision has been made considering the ad business being healthy and also saying that the operation of Google is going to be benefiting from a lot of factors such as the elevation of Sundar Pichai as the CEO of Alphabet. Tesla was one of the biggest winners as they ventured into China with the production of Model 3 and Model Y in Shanghai.
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