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News Breaks
June 26, 2014
11:20 EDTKIRK, WSM, RH, BBBY, PIRBed Bath & Beyond sinks after results, outlook miss estimates
Shares of home furnishings retailer Bed Bath & Beyond (BBBY) hit a fresh 52-week low after the company's first quarter results and second quarter profit outlook missed analysts' consensus estimates. WHAT'S NEW: Last night, Bed Bath & Beyond reported Q1 EPS of 93c and revenue of $2.66B, trailing analysts' consensus estimates of 94c and $2.69B, respectively. Q1 comparable sales grew 0.4% versus 3.4% last year. WHAT'S NOTABLE: The company modeled Q2 EPS of $1.08-$1.16, versus consensus of $1.20, while Q2 revenue was seen growing 2%-4%, compared to consensus of $2.92B. Q2 same store sales are seen growing 1%-3%. For fiscal 2014, EPS is seen increasing by a mid-single digit percentage and revenue is expected to grow 4%. FY14 SSS is expected to grow 3%. On the company's earnings conference call, management said it was "cautiously optimistic about the balance of the fiscal year." ANALYST REACTION: This morning, JP Morgan lowered its price target on the shares to $65 from $75 after the company's Q1 comparable sales and gross margin missed expectations. The firm kept a Neutral rating on the stock. Morgan Stanley said Bed Bath & Beyond remains unattractive given margin pressures and slippage as it executes its omni-channel strategy. The firm lowered its price target to $58 from $63 and reiterated its Underweight rating. PRICE ACTION: In late morning trading, Bed Bath & Beyond fell $5.61, or 9.2%, to $55.50 on nearly four times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $54.95. Including today's pull back, the stock is down approximately 20% over the past 12 months. OTHERS TO WATCH: Other companies in the home furnishings space include Williams Sonoma (WSM), Pier 1 Imports (PIR), Restoration Hardware (RH), and Kirkland's (KIRK).
News For BBBY;WSM;PIR;RH;KIRK From The Last 14 Days
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April 21, 2015
10:01 EDTWSM, BBBYOn The Fly: Analyst Initiation Summary
Today's noteworthy initiations include: Agios Pharmaceuticals (AGIO) initiated with a Perform at Oppenheimer... Bed Bath & Beyond (BBBY) initiated with a Buy at Cantor... BioCryst (BCRX) initiated with an Outperform at FBR... Bovie Medical (BVX) initiated with an Outperform at JMP Securities... Calavo Growers (CVGW) initiated with a Buy at Janney Capital... Clorox (CLX) initiated with a Sector Weight at KeyBanc... Coach (COH) initiated with a Sell, $32 target at Cantor... Compugen (CGEN) initiated with an Outperform at Oppenheimer... Corcept Therapeutics (CORT) initiated with an Outperform at FBR Capital... Criteo (CRTO) initiated with an Outperform at Raymond James... CytRx (CYTR) initiated with an Outperform at FBR Capital... Dollar Tree (DLTR) initiated with a Buy at Cantor... Facebook (FB) initiated with a Buy at Cleveland Research... Gap (GPS) initiated with a Hold at Cantor... Genocea (GNCA) initiated with an Outperform at FBR Capital... Geron (GERN) initiated with an Outperform at Oppenheimer... Home Depot (HD) initiated with a Hold at Cantor... HubSpot (HUBS) initiated with a Buy at Needham... Jernigan Capital (JCAP) initiated with a Buy at Wunderlich... La Jolla (LJPC) initiated with an Outperform, $43 target at Oppenheimer... Lowe's (LOW) initiated with a Hold at Cantor... Lumber Liquidators (LL) initiated with a Buy, $45 target at Cantor... New Residential (NRZ) reinstated with an Outperform at Credit Suisse... Rent-A-Center (RCII) initiated with a Buy at Cantor... Ross Stores (ROST) initiated with a Hold at Cantor... Rubicon Project (RUBI) initiated with an Outperform at Raymond James... SolarCity (SCTY) initiated with an Outperform at Northland... SolarEdge (SEDG) initiated with a Buy at Canaccord... Spectrum Brands (SPB) initiated with an Overweight at KeyBanc... Summit Materials (SUM) initiated with a Buy at BB&T... Synergy Resources (SYRG) initiated with a Buy at KLR Group... Synta Pharmaceuticals (SNTA) initiated with an Outperform at FBR Capital... TJX (TJX) initiated with a Hold at Cantor... Tiffany (TIF) initiated with a Hold at Cantor... TubeMogul (TUBE) initiated with a Market Perform at Raymond James... Urban Outfitters (URBN) initiated with a Buy at Cantor... WhiteWave Foods (WWAV) initiated with a Neutral at Janney Capital... Williams-Sonoma (WSM) initiated with a Hold at Cantor... Zafgen (ZFGN) initiated with an Outperform at FBR Capital.
April 20, 2015
16:21 EDTWSMWilliams-Sonoma initiated with a Hold at Cantor
Target $77.
16:21 EDTBBBYBed Bath & Beyond initiated with a Buy at Cantor
Target $83.
April 17, 2015
09:05 EDTPIRPier 1 Imports management to meet with Oppenheimer
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April 15, 2015
10:19 EDTBBBY, PIROptions with decreasing implied volatility
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April 14, 2015
15:11 EDTKIRKKirkland's management to meet with SunTrust
Meetings to be held in Boston on April 15 and in Toronto on April 16 hosted by SunTrust.
10:34 EDTBBBY, PIROptions with decreasing implied volatility
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