Latest stock market news: New CFO named after bed-bath and suicide, OPEC production cuts fall, retailer starts holiday hiring

House Speaker Nancy Pelosi is planning her next move after an expected Republican victory in November.

Sources tell Fox Business’ Maria Batiromo that President Biden wants to nominate Pelosi to be the next US ambassador to Italy if the GOP takes over the House in the midterm elections.

Sources told Bartiromo that Biden would hold the speakership, which is one reason he has yet to fill the position since taking office.

Read the full story: If the GOP wins the House majority in the midterms, Pelosi will seek the Italian ambassadorship

Ryman Hospitality Properties is restoring the division. The owner of Opryland and other Gaylord properties since Sept. 30 will pay shareholders 10 cents per share on Oct. 17.

“Our hotel performance has remained strong through the summer as group room nights traveled in August surpassed 2019 levels,” said Chairman and CEO Colin Reid.

Occupancy rate was 94.7% in July 2019 compared to 74.9% in July.

In the year August 2022 will set a new individual monthly record in new bookings of approximately $252, up approximately 13% from August 2021 and approximately 2019 from August 2019, the company said in an investor presentation.

Walmart has filed a four-part bond offering. The initial prospectus did not include the amount or terms.

The world’s largest retailer plans to use the proceeds for general corporate purposes, which could include paying down debt, refinancing or replacing maturing debt, and other services.

The company has $29.8 billion in long-term debt and $4.4 billion in long-term finance lease obligations.

Standard & Poor’s & Fitch has rated ‘AA’ for the proposed notes.

“Walmart’s credit profile is supported by a ratio of adjusted debt/EBITDAR (lease capital at 8x), which has historically trended around 2.0x. Walmart in 2010 It has maintained its leverage profile with occasional debt reductions, including declining EBITDA in 2015-2017, and Fitch expects the company to maintain this discipline if current challenges persist. Adjusted energy is expected to trend closer to 2.0x from 2022, Fitch said.

Economic activity in the U.S. service sector grew for the 27th month in a row in August. The Institute for Supply Management’s services index came in at 56.9 percent, up 0.2 percent from July’s 56.7 percent.

Anthony Nieves, chairman of the ISM Services Business Survey Committee, said: “Growth has continued – somewhat faster – for the services sector, which has expanded for all but two of the past 151 months.

The 14 service industries that reported growth in August were: mining; Real estate, rent and lease; facilities; construction; educational services; information; Transportation and warehousing; wholesale trade; health care and social assistance; public administration; Finance and Insurance; Company management and support services; professional, scientific and technical services; and other services.

The two industries that reported declines in August were: Agriculture, Forestry, Fishing and Hunting; and arts, entertainment and recreation.

Brazil’s government on Tuesday ordered Apple Inc to stop selling iPhones without battery chargers, saying the company was providing consumers with an incomplete product.

The Justice Ministry fined Apple 12.275 million riel ($2.38 million) and ordered it to cancel sales of the iPhone 12 and newer models.

In the order published in the official newspaper of the country, the minister argued that the iPhone is not an important element in the “deliberate discrimination against consumers”.

Officials rejected Apple’s argument that the move was aimed at reducing carbon emissions.

The order comes a day before Apple Inc. announces its new iPhone model.

Apple declined to comment on the matter.

($1 = 5.1548 riels)

Church and Dwight have agreed to buy the Hero Mighty Patch brand and other acne treatment products for $630 million in cash and stock. The Hero patch is the fastest acne treatment.

Church and Dwight scaled back their 2022 outlook. “We now expect sales growth of 2% to 4% (previously 4 to 5%) for the full year, reflecting continued soft growth from Hero’s compensation,” said CEO Matthew Farrell.

For the third quarter, the company now expects reported sales to decline -1% (previously a 3-point increase) reflecting demand for Waterpik, Vitafusion and Seamless.

Earnings per share were confirmed at $0.65 (no change to previous outlook).

Church & Dwight makes products under the brands Arm & Hammer, Oxyclin, Nair, Oragel and Zicam.

All three major averages struggled to find direction after the Labor Day holiday, with the Nasdaq Composite facing head-to-head, with Bed Bath & Beyond shares sliding more than 13 percent over the weekend following the CFO’s self-immolation. The company named Lauren Cross, chief financial officer, as interim CFO. In commodities, oil rose 0.6% to $87 a barrel.

Following the sudden death by suicide of CFO Gustavo Arnal, Bed Bath & Beyond has named company insider Laura Crosson as interim CFO, replacing the company’s senior vice president of finance and chief accounting officer.

This story is about suicide. If you or someone you know is having suicidal thoughts, please contact the Suicide and Crisis Lifeline at 988 or 1-800-273-TALK (8255).

Bed Bath & Beyond slipped in early market trading following a disappointing weekend for the home furnishings retailer.

Chief Financial Officer Gustavo Arnal, 52, died after jumping from the Jenga Tower skyscraper in midtown Manhattan on Friday, Bed Bath & Beyond confirmed. A spokesperson for the New York City Medical Examiner’s Office confirmed to FOX Business that Arnal took his own life and suffered multiple apparent injuries.

Arnall, GameStop Chairman Ryan Cohen and JPMorgan Chase were accused of a “pump and dump” scheme to artificially inflate the company’s stock.

Read the full story: Bed Bath & Beyond stock after CFO death ruled suicide, shareholder lawsuit