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1 | Today LVMH became the first European company to reach a $500B market capitalization. The luxury goods maker reported a 17% jump in first-quarter sales, causing its shares to hit a 52-week high, up 32.8% year-to-date. |
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2 | Fox News announced it had parted ways with its prime-time host Tucker Carlson, just days after the network agreed to pay Dominion Voting Machines $787.5M to settle a defamation lawsuit. Shares of Fox News' parent company, Fox Corp, closed nearly 3% lower today. |
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3 | In another news network shakeup, CNN fired anchor Don Lemon, a 17-year veteran of the channel, following sexist comments he made on-air and a report that he mistreated his female co-workers. Shares of Warner Bros Discovery, which owns CNN, dropped 1.62% during trading on Monday. |
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4 | Bed Bath & Beyond filed for Chapter 11 bankruptcy protection on Sunday, leading its stock to fall more than 35% today. Over the past few years, Bed Bath & Beyond has struggled with declining sales, leading it to bankruptcy. The embattled retailer failed to secure emergency funding and will now begin liquidating its assets, though its Bed Bath & Beyond and Buybuy Baby stores will remain open for now. 
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5 | First Republic Bank saw deposits drop 40.8% to $104.5B during Q1, as depositors panicked following the Silicon Valley Bank and Signature Bank collapses. The bank, which received $30B in deposits from a group of banks to sure up liquidity, says deposits stabilized in Q2, sitting at $102.7B as of Apr. 21. |
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6 | Johnson & Johnson's consumer-health unit, Kenvue, has been valued at $40B ahead of its IPO, expected to occur later this year, with the goal of raising $3.5B. The consumer division that will become Kenvue, responsible for brands like Tylenol, accounted for 15.7% of J&J's sales last year. Q: Do you expect Kenvue to have a successful IPO this year? Let us know at Inside.com. |
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7 | Disney began its second round of layoffs today, affecting its Disney Entertainment, ESPN, and Disney Parks, Experiences, and Products divisions and bringing its total job cuts to 4,000. Part of a reorganization intended to cut $5.5B in costs, the layoffs were announced during Bob Iger's first earnings call following his return to Disney's chief executive position. |
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