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Bed Bath & Beyond (BBBY) Moves 5.3% Higher: Will This Strength Last?
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Bed Bath & Beyond shares ended the last trading session 5.3% higher at $22.86. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 33.4% gain over the past four weeks.
Bed Bath & Beyond’s comments on the receipt of letter from RC Ventures LLC, the investment wing of Ryan Cohen, drove the stock higher. Ryan Cohen’s firm owns 9.8% stake in Bed Bath & Beyond and is one among its top five shareholders. In the letter, the investor has urged the company to reduce its focus on transformation. It also suggested to explore options for the separation of Buybuy Baby chain or the sale of the entire company. The company stated that it had no prior contact with RC Ventures and will carefully review the letter with an expectation to constructively act upon the suggested ideas. Management also stated that it is confident of creating shareholder value after one year of its transformation plan.
This home goods retailer is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of -90%. Revenues are expected to be $2.1 billion, down 19.8% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Bed Bath & Beyond, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BBBY going forward to see if this recent jump can turn into more strength down the road.
Bed Bath & Beyond is part of the Zacks Retail - Miscellaneous industry. Tractor Supply (TSCO - Free Report) , another stock in the same industry, closed the last trading session 3.6% lower at $219.29. TSCO has returned 4.5% in the past month.
Tractor Supply's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.39. Compared to the company's year-ago EPS, this represents a change of -10.3%. Tractor Supply currently boasts a Zacks Rank of #2 (Buy).
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Bed Bath & Beyond (BBBY) Moves 5.3% Higher: Will This Strength Last?
Bed Bath & Beyond shares ended the last trading session 5.3% higher at $22.86. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 33.4% gain over the past four weeks.
Bed Bath & Beyond’s comments on the receipt of letter from RC Ventures LLC, the investment wing of Ryan Cohen, drove the stock higher. Ryan Cohen’s firm owns 9.8% stake in Bed Bath & Beyond and is one among its top five shareholders. In the letter, the investor has urged the company to reduce its focus on transformation. It also suggested to explore options for the separation of Buybuy Baby chain or the sale of the entire company. The company stated that it had no prior contact with RC Ventures and will carefully review the letter with an expectation to constructively act upon the suggested ideas. Management also stated that it is confident of creating shareholder value after one year of its transformation plan.
This home goods retailer is expected to post quarterly earnings of $0.04 per share in its upcoming report, which represents a year-over-year change of -90%. Revenues are expected to be $2.1 billion, down 19.8% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Bed Bath & Beyond, the consensus EPS estimate for the quarter has remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. So, make sure to keep an eye on BBBY going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Bed Bath & Beyond is part of the Zacks Retail - Miscellaneous industry. Tractor Supply (TSCO - Free Report) , another stock in the same industry, closed the last trading session 3.6% lower at $219.29. TSCO has returned 4.5% in the past month.
Tractor Supply's consensus EPS estimate for the upcoming report has remained unchanged over the past month at $1.39. Compared to the company's year-ago EPS, this represents a change of -10.3%. Tractor Supply currently boasts a Zacks Rank of #2 (Buy).