Bed Bath & Beyond Goes Bust, Crocs Outpaces Retail Giants, Summers Spells Out Best China Strategy And More: 5 Key Stories You May Have Missed From The Weekend

The earnings season picks up steam in the coming weeks, and most analysts expect the market to take cues from the quarterly reports. Here’s a recap of a few major headlines that hit the wire over the weekend:

1. Bed Bath & Beyond's Chapter 11 Filing: Struggling home improvement retailer Bed Bath & Beyond, Inc. BBBY announced over the weekend that it has filed voluntary petitions for relief under the Chapter 11 U.S. bankruptcy code. The company said its 360 namesake stores and 120 buybuy BABY stores and websites will remain open and continue serving customers.

2. Crocs – The Retail Outlier: Footwear retailer Crocs, Inc. CROX is among the very few stocks that have clocked positive returns over the past year. The stock's return has outpaced that of retail giant Walmart, Inc. WMT as well as tech behemoths such as Apple, Inc. AAPL, Meta Platforms, Inc. META and Nvidia Corp. NVDA. The stock performance has mirrored the company's fundamental outperformance.

3. Summers Proposes ‘Deterrence-Reassurance' Strategy For China: Former Treasury Secretary Larry Summers said in a recent Bloomberg interview that the U.S. should demonstrate that it isn't out to hobble China's economy in a broad sense.  The right strategy is to combine deterrence and reassurance, he said. The U.S. should provide reassurance that it is prepared to allow China’s growth to take a place in the global economy. The economist also shrugged off concerns about the U.S. losing its reserve currency status.

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4. Kiyosaki Reaffirms Commitment to Gold: Rich Dad, Poor Dad author Robert Kiyosaki said he would be a buyer of gold even if the yellow metal plunges to $1,000 per troy ounce. Spot gold prices traded at a little under $2,000 currently. The best-selling author is also a backer of silver and Bitcoin BTC/USD, often calling the two assets real money and describing cash as trash.

5. Comcast NBCUniversal Unit CEO Quits Amid Scandal: Comcast Corp CMCSA-owned NBCUniversal CEO Jeff Shell exited the company with immediate effect. This followed an allegedly inappropriate relationship with a woman in the company. Comcast hasn't named a successor yet. The senior management at NBCUniversal would report to Comcast President Mike Cavanaugh, a Reuters report said.

What Else: The support for Donald Trump has proved resilient, even in the wake of the multiple legal tangles the former president is finding himself in. A recent poll conducted by the Wall Street Journal showed Florida Governor Ron DeSantis seeing his support eroded and Trump gaining strength.

Billionaire and Bloomberg LP founder Michael Bloomberg, who is worth an estimated $94 billion, plans to leave his business empire to his charity. 

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