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)

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.

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Shari L. Gross/The Minnesota Star Tribune

The nonprofit grocery store opened in 2017 to serve a neighborhood deemed a food desert.

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