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Stock Market & Financial Investment News

News Breaks
July 7, 2014
10:33 EDTBBBY, WSM, PIR, RH, KIRKBed Bath & Beyond slips despite $2B buyback following downgrade
Shares of home decor retailer Bed Bath & Beyond (BBY) are sliding this morning despite its board authorizing a new $2B share repurchase program. The drop in the stock this morning also comes after Bank of America Merrill Lynch downgraded the stock to an Underperform from a Neutral rating. WHAT'S NEW: Bed Bath & Beyond authorized a new $2B share repurchase program, which it expects it will commence after the completion of its existing share repurchase program. The company noted that, as of May 31, it had approximately $861M remaining under its existing buyback program. The company is currently planning that the new share repurchase program will be completed during full-year 2016, it added. ANALYST OPINION: Bank of America Merrill Lynch analyst Denise Chai downgraded Bed Bath & Beyond to Underperform this morning, stating that the firm sees ongoing risk to the company's guidance and estimates driven by "modest" store traffic patterns and ongoing pressure to sales and margins from online rivals. Chai says that the market views online rivals as Bed Bath & Beyond's main threat to comps and feels that the retailer made a crucial mistake in waiting until 2012 to make major investment in its online platform. For this reason, the firm feels that the company will face a continuous cycle of very limited online growth, flat comps, forced reinvestment and deleverage going forward. BofA Merrill Lynch lowered its price target on the stock to $51 from $63. 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). PRICE ACTION: During morning trading, Bed Bath & Beyond was down 15c, or 0.25%, to $59.20.
News For BBBY;WSM;PIR;RH;KIRK From The Last 14 Days
Check below for free stories on BBBY;WSM;PIR;RH;KIRK the last two weeks.
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July 24, 2014
17:35 EDTWSMWilliams-Sonoma names Dean Miller as COO, other executive appointments
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July 21, 2014
10:02 EDTRHOn The Fly: Analyst Downgrade Summary
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09:16 EDTRHRestoration Hardware downgraded at BB&T
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09:01 EDTRHRestoration Hardware downgraded to Hold from Buy at BB&T
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July 17, 2014
10:41 EDTBBBYBed Bath & Beyond announces $1.1B accelerated share repurchase
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10:00 EDTPIR, WSM, BBBYOn The Fly: Analyst Initiation Summary
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July 16, 2014
17:25 EDTBBBYBed Bath & Beyond initiated with a Neutral at Nomura
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17:25 EDTWSMWilliams-Sonoma initiated with a Buy at Nomura
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17:24 EDTRHRestoration Hardware initiated with a Buy at Nomura
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17:24 EDTPIRPier 1 Imports initiated with a Buy at Nomura
Target $22.

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