The stock market was still on a red on Wednesday as investors continued to assess the Federal Reserve’s measures in fighting inflation. The central bank Chair Jerome Powell reiterated in his speech last Friday that the Fed will continue to raise rates, even if it could hurt the economy.
Overall, S&P 500 declined 0.8% to 3,955, while NASDAQ fell 0.6% to 11,816.
In other news, Bed, Bath & Beyond (BBBY) used to be great stock to buy-and-hold because it grows profits almost every single year. Now, it could be facing bankruptcy.
Tweet of the Day
MongoDB quarter:
– $304M rev (+53% YoY) vs $281M consensus (8% beat)
– $302M next Q guidance vs $294M consensus (3% raise)
– ~$195M Atlas rev (+73% YoY)
– 37 months GM adj. CAC payback
– 71% GM
– (16%) FCF Margin$MDB— Jamin Ball (@jaminball) August 31, 2022
Chart of the Day
Our chart of the day is the ten-year chart from BBBY.
BBBY used to be one of the top stocks during the 1990s. From 1993-2002, the company grew very rapidly. It grew profits 32% a year and the stock kept pace, rising 31% per year. Alas, as the company got larger the profit growth eventually slowed.
BBBY used to be a great stock. It has the nicest annual report with two pages devoted to fundamentals the prior ten years. With earnings up each year I believe. – David Sharek, Founder of the School of Hard Stocks
Now, the company could be facing bankruptcy.
