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Stock Market & Financial Investment News

News Breaks
March 27, 2013
11:16 EDTTPX, SCSS, MFRMMattress makers climb after retailer reports Q4 results
Shares of mattress makers Tempur-Pedic (TPX) and Select Comfort (SCSS) are advancing after mattress retailer Mattress Firm (MFRM) reported weaker than expected Q4 results but provided higher than expected revenue guidance for fiscal 2013. WHAT'S NEW: Retailer Mattress Firm said that it expected its fiscal 2013 revenue to be $1.237B-$1.25B, versus analysts' consensus estimate of $1.21B. The company reported that its revenue in its fiscal fourth quarter jumped 37% year-over-year to $258.2M, but that was below analysts' consensus estimate of $251.54M. Mattress Firm's revenue was boosted by sales at newly acquired stores, as its sales at comparable stores dropped 1.6%. "Looking to 2013...we expect to drive sales and operating margin expansion from the ongoing sales growth of acquired stores, which will be enhanced as we pass the anniversary dates of our 2012 acquisitions," said Mattress Firm CEO Steve Stagner. Mattress Firm's fourth quarter earnings per share, excluding acquisition charges and other one-time expenses, came in below analysts' consensus estimates, as did its fiscal 2013 earnings per share guidance. ANALYST REACTION: Several analysts reacted positively to Mattress Firm's guidance in notes to clients earlier today. Research firm Raymond James upgraded the stock to Outperform from Market Perform, while Citigroup wrote that the company's sales growth should accelerate as mattress prices are continuing to increase. TODAY'S PRICE ACTION: In mid-morning trading, Tempur-Pedic climbed 6.3% to $49.80, Select Comfort advanced 2.7% to $19.50, and Mattress Firm jumped 8.9% to $33.75.
News For TPX;SCSS;MFRM From The Last 14 Days
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October 20, 2014
10:52 EDTMFRMMattress Firm completes acquisition of Sleep Train
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October 17, 2014
06:42 EDTMFRMMattress Firm upgraded to Buy from Hold at KeyBanc
KeyBanc upgraded Mattress Firm to Buy based on valuation, favorable industry trends, and acquisition synergies. Price target is $68.
October 6, 2014
07:30 EDTMFRMMattress Firm acquisition of Sleep Train a 'game changer,' says Jefferies
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