Bed Bath and Beyond after hours earnings play

BBBY reported mixed earnings results, which has the after hours price hovering right around its closing price for the day. Adjusted earnings beat slightly, while revenue and sales missed slightly.

Guidance was also a bit mixed, since the revenue forecast is slightly lower than expected ($11.4 billion actual vs. $11.77 billion estimate), but the earnings forecast beats analyst estimates by a significant margin ($2.11 per share at the midpoint, vs. the $1.81 per share estimate).

On the strength of the earnings forecast, I'd think think this should end the day slightly up tomorrow. This news isn't a really strong catalyst, but the stock is cheap at the current price, and this could help start to reverse the long-term downtrend. However, given how pessimistic the market is right now, this could totally drop instead. Watch the after-hours and pre-market price action and be careful out there.
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