RTX announces $10B buyback, Overstock rebrands as 'Beyond'

RTX (RTX) shares jumped as it unveiled a new $10B stock buyback program. The aerospace and defense company reported third quarter results that topped analyst expectations despite the hit from the ongoing issues surrounding one of its jetliner engines.
Overstock (OSTK) is rebranding itself as Beyond after acquiring bankrupt Bed Bath & Beyond's intellectual property. Its new ticker symbol will be BYON. Yahoo Finance’s Rachelle Akuffo reports on the tickers and breakdown details about their earnings.

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Video Transcript

- Right now, let's take a look at some trending tickers. First up, shares of RTX surging today on news that the company plans to buy back an additional $10 billion in stock, taking advantage of the sharp decline in share price. Now, the company took a hit this summer when it disclosed quality issues it was having with its latest jetliner engine.

RTX said, it would cost up to $7 billion to repair the part and compensate airlines for the fixes that grounded more than 600 Airbus Jets with inspections due in 2024. Now, RTX CFO saying, in the company's earnings call this morning, that the timeline for those engine repairs remains unchanged. The company saw high demand delivered better than expected earnings in its third quarter with adjusted sales rising 12% year over year. RTX also agreed to sell its cyber security and intelligence business for $1.3 billion to an undisclosed buyer.

And we also have our eyes on shares of Overstock popping this morning. The company, which now operates as Bed-- as Bed Bath & Beyond after purchasing the bankrupt company's intellectual property, announced that it's changing its name to Beyond Inc on November 6. It will also transfer its stock listing from the NASDAQ to the New York Stock Exchange, its ticker symbol "BYON."

CEO Jonathan Johnson said in a statement that the name change is meant to reach millions of new customers while tapping into those legacy fans. Overstock shares got a little boost this morning following the acquisition of Bed Bath, but year to date, it's down over 20%.