Advertisement

Market recap: Sales drop means trouble for Bed Bath & Beyond

The chain reported earnings that fell far short of analysts' estimates and a surprising drop in sales at stores open longer than a year.

September 29, 2018 at 3:09AM
FILE- In this Oct. 25, 2017, file photo shoppers walk toward their vehicles outside of a Bed Bath & Beyond department store at Jersey Gardens Mall in Elizabeth, N.J. Bed Bath & Beyond's stock plunged to its lowest price in 18 years after the home goods store chain posted weak results in the second quarter and cut its forecasts for the rest of the year. The company's profit fell by almost 50 percent compared to a year ago. (AP Photo/Julio Cortez, File)
Bed Bath & Beyond’s stock plunged to its lowest price in 18 years after the home goods store chain posted weak results in the second quarter and cut its forecasts for the rest of the year. (The Minnesota Star Tribune)
Advertisement

Trouble at home: Bed Bath & Beyond plunged 22 percent to $14.59 Thursday after reporting earnings that fell far short of analysts' estimates and a surprising drop in sales at stores open longer than a year. The company also slashed its outlook for the year. Shares closed the week at $15.

Voting yes: Shares of SurveyMonkey's parent company, CenturyLink, surged 64.4 percent to $19.72 Wednesday, their first day of trading. The stock closed the week at $16.03.

Jumping ship: CenturyLink sank 8.2 percent to $21.01 Tuesday after its chief financial officer left the company to take a job at T-Mobile. T-Mobile USA is trying to combine with rival Sprint. CenturyLink shares closed the week at $21.20. T-Mobile shares, which dipped 0.2 percent to $68.78 on the news, closed the week at $70.18.

Dressed down: Cintas shares fell 3.9 percent to $204.56 Wednesday as the provider of workers' uniforms, restroom supplies and other products to companies reported slower than expected growth in rentals. Shares closed Friday at $197.81.

Channel changer: Comcast shares sank 7.9 percent to $34.89 Monday after it won an auction for majority control of British pay TV giant Sky. The shares closed Friday at $35.41.

Boombox: Sirius XM shares fell 4.5 percent to $6.67 Monday after the subscription radio company said it's buying music streaming service Pandora Media. The shares closed the week at $6.32. Pandora, which fell 6.5 percent to $9.69 on the news, closed Friday at $9.51.

about the writer

about the writer

News services

More from Business

See More
card image
Jeremy Olson/The Minnesota Star Tribune

Opening of $52 million distribution center in Shoreview gives Fairview chance to seize on growing pharmacy, mail-order marketplace and compete with national chains.

card image
After 10 years of planning, downsizing and finally a takeover by the city -- which served as its developer -- the Penfield, a building of market-rate apartments in downtown St. Paul, marked its grand opening Thursday, 2/6/14. A look at where things stand and whether the city is close to selling it to a private developer.
Advertisement