With stocks getting soft, it’s going to take something special from an earnings announcement to catch Wall Street’s buying attention.
Bed Bath & Beyond Inc. (BBBY) might be the right place to get that something special before the holiday.
After Wednesday’s close, the home furnishing chain is expected to earn 88 cents for its 3rd quarter. Top Equity News expects BBBY to announce earnings that will top investors’ and analysts’ expectations. The TEN estimate is at least 93 cents – or a minimum of a 5 cents upside surprise.
Bed Bath & Beyond has an impeccable track record of smokin’ by the Street’s consensus earnings estimate. They have beat for 11 straight quarters. Eight of the eleven announcements, shareholders were rewarded with solid gains in the days surrounding the quarterly profit check-up; by as much as 16.7% and as little as 3.6%.
In addition to pounding forecasts, BBBY’s management has been aggressive with upside guidance during the past two conference calls. If we have made the correct call, TEN expects to see the hitting streak move to three in a row.
According to Top Equity’s view of the BBBY stock-chart, shares are sitting on support at $60. It could be a good place to get in, but if the market continues to slide, we would like it a lot more between $57 and $58. That would give the stock the room to move as much as $5 following Wednesday’s report.
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