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Conway Gittens: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks rebounded on Wednesday led by upbeat corporate results. United Airlines was a standout. The stock soared after the airline beat profit forecasts and guided estimates higher for the holiday-travel quarter. The airline echoed rival Delta when it said it saw early signs of a return of pricing power.
Investors will have earnings and the economy to guide action on Thursday. Netflix and Taiwan Semiconductor release quarterly results. Meanwhile, retail sales, factory output, and weekly jobless claims data are also due.
Turning now to other headlines: There may be life after death for Bed Bath and Beyond. The houseware retailer that went bankrupt in 2023 is coming back, albeit in a limited fashion. It’s going to be a store within a store at the Container Store.
The partnership will infuse $40 million into the Container Store’s business and help it cope with its own financial struggles. The retailer hasn’t posted a profit in 3 years. In exchange, Bed Bath and Beyond will sell branded products inside the Container Store’s 102 locations.
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Marcus Lemonis, Executive Chairman of Beyond Inc., which bought the name rights for Bed Bath and Beyond, said “Partnerships like this further support the value of iconic brands leveraging each other’s assets and core competencies while improving customer conversion and retention, enhancing margins, and optimizing market expenses which are the principal drivers in delivering value creation and profitable growth.”
The Container Store hopes this partnership will help it avoid the same bankruptcy fate as Bed Bath and Beyond, which is now part of the Beyond portfolio including online retailers Overstock and Zulillly.
That’ll do it for your Daily Briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
Related: Senator Elizabeth Warren Reveals Chaos Behind the Scenes as Bed, Bath & Beyond Crumbles
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