WW International declares Chapter 11
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Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors every morning. Good morning. Today is Wednesday, May 7th. I'm Julie Morgan. A bankruptcy filing for Weight Watchers, trade negotiators head to Switzerland, and Rivian hits a $1 billion milestone.

WW International, formerly known as Weight Watchers, declared Chapter 11 bankruptcy protection along with its first quarter results. The company, which has recently been in financial trouble given the rising popularity of weight loss drugs,

said it is implementing a reorganization deal with certain holders to eliminate $1.15 billion in debt from its balance sheet. The company also reported a 9.7 percent fall in first quarter revenue of $186.6 million, while it recorded an adjusted loss of 47 cents per share. The CEO said the decisive actions that they're taking today with the overhaul

Overwhelming support of lenders and note holders will give them the flexibility to accelerate innovation, reinvest in their members, and lead with authority in a rapidly evolving weight management landscape.

The major indexes are in the green early Wednesday after a government spokesperson said U.S. Treasury Secretary Scott Besant and U.S. Trade Representative Greer would meet with their Chinese counterparts this week in Switzerland for preliminary trade negotiations.

Besant and Greer will reportedly travel together to Geneva on May 8th, also meeting with the Swiss president to discuss negotiations over reciprocal trade. Stocks have been volatile since President Trump announced his first round of tariffs on April 2nd.

Rivian Automotive traded slightly lower on Tuesday after reporting Q1 results and updating on its 2025 outlook to adjust for the tariff backdrop. Notably, the company said it achieved gross profit of $206 million during the quarter to mark its second consecutive quarter in the green. By hitting the milestone, Rivian unlocked an expected $1 billion investment from Volkswagen Group as part of their joint venture agreement.

The investment is expected to be funded on June 30th of this year. Rivian also narrowed its quarterly adjusted EBITDA loss compared to a year ago and showed improvement with free cash flow. Rivian Automotive is up 0.6% in pre-market action. The EV stock has outperformed Tesla and Lucid Group in 2025 so far.

Now for a look at the trending articles on Seeking Alpha. President Trump teases a very, very big announcement and says it's not necessarily on trade. Supermicrocomputer projects $6 billion in revenue for Q4 of fiscal year 2025 with a focus on AI and DLC solutions. And Amazon Zoox issues a software recall and plans to scale up Robotaxi production.

On our Catalyst Watch for the Day, the NAMA show in Las Vegas will be the center of attention of the convenience services industry. Attendees will see the latest in vending equipment, robotics, smart kiosks, holographic touchscreens, and AI-powered solutions. Companies showing off products include PepsiCo, Coca-Cola, Hershey, and Nyax. VenHub plans to show off its fully operational smart store.

And at 4 p.m., Costco will release its April sales report. Analysts will be looking to see if the retailer benefited from the stocking-up effect ahead of tariffs.

Earlier, we mentioned that the major indexes are in the green. Dow, S&P and Nasdaq futures are all up around 0.6%. Crude oil is up 0.8% at $59 a barrel. Bitcoin is up 0.1% at $97,000. Gold is down 0.6% at $3,377.

In the world markets, the FTSE 100 is down 0.3% and the DAX is up 0.1%. Supermicrocomputer is on our list of the biggest movers of the day pre-market. SMCI is down 5% after the company reported mixed fiscal Q3 results and lowered fiscal year 2025 revenue guidance.

On today's economic calendar, at 2 p.m. we'll hear the FOMC announcement, at 2.30 p.m. we'll hear from Chair Powell, and at 3 p.m. consumer credit. Of course, this is Fed Day, which means Wall Street Lunch will be published a little bit later to account for those announcements.

That's it for today's Wall Street Breakfast. Thanks for listening. For a full offering of news, analysis, ratings, and data on stocks and ETFs, become a premium subscriber. Learn more at seekingalpha.com slash subscriptions. I'm your host, Julie Morgan. Go out and make it a great day.