WISE TO WAIT FOR 50MA TO BREAK AS RESISTANCE
Investing.com - Bed Bath&Beyond (NASDAQ:BBBY) surged on Thursday on an unconfirmed report that the retailer is looking to explore potential takeover bids.
Online publication The Deal said the retailer has hired Goldman Sachs (NYSE:GS) to help seek out potential suitors. In addition, The Deal said the company has received "conditional offers" for its Cost Plus World Market business and subsidiaries as part of "a broad auction process."
Shares jumped nearly 12%.
Despite the gain, Bed Bath and Beyond is down 16% year to date, with interim CEO Mary Winston recently quoiting as saying: "The company has not kept pace with how the customer has evolved and how consumers shop today."
Bed Bath & Beyond , Inc. engages in the operation of retail stores and retails domestics merchandise and home furnishings. It operates through the Bed Bath & Beyond , Christmas Tree Shops, Christmas Tree Shops andThat!, Harmon or Harmon Face Values, buybuy BABY, and World Market, Cost Plus World Market or Cost Plus brands. Its products include domestic merchandise and home furnishings such as bed linens and related items, bath items, kitchen textiles kitchen and tabletop items, fine tabletop, basic house wares, general home furnishings, and consumables. The company was founded by Warren Eisenberg and Leonard Feinstein in 1971 and is headquartered in Union, NJ.
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