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Stock Market & Financial Investment News

News Breaks
April 10, 2014
11:47 EDTBBBY, PIR, WSMBed Bath & Beyond approaches 52-week low after profit forecast disappoints
Shares of home furnishings retailer Bed Bath & Beyond (BBBY) are falling after the company's first quarter profit outlook significantly trailed analysts' consensus estimate. WHAT'S NEW: Last night, Bed Bath & Beyond reported Q4 earnings per share of $1.60 and revenue of $3.2B, compared to expectations of $1.60 and $3.22B, respectively. Q4 same-store sales increased 1.7%. WHAT'S NOTABLE: The company forecast Q1 EPS of 92c-96c, significantly trailing the consensus of $1.04, while Q1 revenue was seen increasing 2%-3.5%, compared to consensus of $2.37B. The company expects its Q1 SSS to increase 1%-2.5%. For FY14, EPS is seen by the company to grow by a mid-single digit percentage, compared to consensus of $5.27. FY14 revenue is forecast to grow 4%, versus consensus of $12.07B. ANALYST REACTION: This morning, Bank of America Merrill Lynch downgraded the stock to Neutral from Buy citing Bed Bath & Beyond's disappointing 2014 guidance. The firm lowered its price target on shares to $72 from $87. Two other firms, Credit Suisse and Argus, both lowered their respective price targets on the shares as well. OTHERS TO WATCH: Other companies in the home furnishings space include Williams-Sonoma (WSM) and Pier 1 Imports (PIR), which reported its own fourth quarter results this morning. PRICE ACTION: In late morning trading, Bed Bath & Beyond tumbled $4.26, or about 6.3%, to $63.65 on more than three times its average daily trading volume. The stock is approaching its 52-week low of $62.12. Including today's slide, the stock is down about 3% over the past twelve months. Pier 1, which reported better than expected Q4 revenue and authorized a new $200M stock repurchase program, was up 10c, or 0.55%, to $18.32.
News For BBBY;PIR;WSM From The Last 14 Days
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October 22, 2014
07:06 EDTBBBYBed Bath & Beyond management to meet with Deutsche Bank
Field trip to company headquarters to be held in Union, NJ on October 22 hosted by Deutsche Bank.
October 9, 2014
09:41 EDTBBBYBofA/Merrill retail analysts hold an analyst/industry conference call
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