BED BATH & BEYOND SOARS
Shares of Bed Bath & Beyond were up around 26 percent Wednesday morning. The reason for the potential rally is still unclear as the retailer is currently hanging by a thread. The company admitted last week that it was considering bankruptcy as a potential remedy to its financial woes, and its third quarter earnings released on Tuesday showed wider-than-expected losses. Of course, as a former meme stock, Bed Bath & Beyond has surprised to the upside before.
RIVIAN EXECS DEPART
Several executives at Rivian Automotive have stepped down after finishing out a lackluster year for the electric vehicle startup, according to a Wall Street Journal report. Rampant supply chain issues hampered the company's efforts to ramp up its assembly line, and so it was unable to meet its production targets. The stock is down around 80 percent from a year ago and around 5 percent year-to-date. Shares were up slightly after the bell.
TESLA FACTORY EXPANSION
Tesla has announced plans to expand its electric vehicle factory in Austin, Texas. The investment will pump $770 million into the plant, which will go into constructing new facilities for battery cell testing and cathode and drive unit manufacturing.
WELLS FARGO'S NEW FOCUS
Wells Fargo said it's reducing the size of its mortgage portfolio in response to regulatory pressure and high interest rates, and refocusing its attention on providing home loans to customers in minority communities. "We are making the decision to continue to reduce risk in the mortgage business by reducing its size and narrowing its focus," said Kleber Santos, CEO of consumer lending, in a press release.