At a Glance: Featured Market Highs and Lows – LW & BBBY
Today about 80 companies (only including companies with market cap >$7Bn, due to volume) reached their 52-week highs while about 27 hit their 52-week lows. Technology services led with the most highs while the finance sector saw the most lows. Let’s take a further look at a high and low of today’s market.
Lamb Weston Holdings, Inc. (LW) has become a hot potato. The company produces, distributes, and markets value-added frozen potato products worldwide and recorded a new 52 week high today reaching $104.00/share. The stocks previous 52 week high was $103.39. Its 52-week low remains at $52.40. The share price for the tater focused company has been relatively steady over the past week and is up ~18% YTD. The company has been gaining strength in its growth efforts and have boosted offerings and expanded capacity. Additionally, they recently completed the buyout of remaining equity interests in its European joint venture with Meijer Frozen Foods B.V.. Its upcoming 3Q earnings announcement on April 6th (BMO) will be telling on its progress for the quarter and what is in store for the future. The Street seems to have an overall positive sentiment going into the report. It will be interesting to learn how much of an impact current markets and inflationary conditions will have on the company as the USDA cited that food price inflation will slow relative to 2022, but will still remain above historical averages. Hopefully, LW can spud a continued rise in share price upon its earnings.
It wouldn’t be an interesting enough High/Low feature if the ever-popular equity Bed, Bath & Beyond Inc. (BBBY), was not mentioned. The domestic merchandise retailer reached a record low and listed its new 52-week low of $0.45. The stocks previous 52-week low was $0.59. Its 52-week high remains at $30.00. The company has experienced the high/low rollercoaster over recent years as its dealt with sales slumps, COVID obstacles, management changes, meme stock mania and now is facing over $1Bn in debt. The saga continues as BBBY’s deal to raise $1Bn with Hudson Bay Capital fell through. The company most recently has stated a last ditch effort attempt to raise capital by selling $300M in new shares through a unit of B.Riley Financial. If the offer fails, bankruptcy would be expected to follow. It will be interesting to see if the company can once again stay afloat or become extinguished for good.
