Ticker Shock: EMC Cuts Costs; Sonic Not So Appetizing
Thursday's top stories and stocks with potential to move.
I have this idea and I think it's worth a ton - trouble is, I'm not sure how to market it. Maybe one of you could help me.
I'd like to sell muzzles on public transportation to silence the annoying people who talk nonstop on their cell phones. A guy on my bus last night spoke for an hour straight - no kidding.
Asian stocks got spanked. The Hang Seng and the Nikkei were both off north of 3%. Meanwhile, earlier this morning European stocks were showing me some red as well. Here in the US we're currently trading -- ugh -- lower.
Here's what has my eye this morning:
Bed Bath & Beyond (BBBY):
Bed Bath went a little beyond in the third quarter. But in the fourth quarter, it seems the rubber ducky might go down the drain.
The "New Joisey"-based company put up $0.34 a share in the period ended November 29th. That's not exactly stellar because it turned in $0.52 a share in the comparable period the year before. Though it was a penny north of expectations - have to give credit where credit's due, right?
However, it did say that it's looking for $0.40-$0.60 a share for the fiscal fourth quarter, which is a decent amount south of the $0.49 a share that I'm seeing.
I have to admit that my wife and I like the store -- even bought by father one of those back massagers there last month -- but that doesn't mean I'm hip on the stock. Given the expectations for the fourth quarter and the competitive pressures, I think I'll be steering clear in the coming months.
Men's Wearhouse (MW):
It looks like the men's suit retailer expects a bit of dress down in the fourth quarter.
According to a release after the close last night:
"Neill Davis, executive vice president and CFO, stated, 'After a preliminary review of the first 2 months' results in our fiscal fourth quarter, we are expecting our fourth quarter 2008 GAAP diluted EPS estimate to be at the lower end of our previously issued guidance range of $0.00 to a loss of $0.18 provided on November 19, 2008.'"
To be fair, that's not so bad, given that the Street is currently looking for a $0.15-a-share loss. But why should I pony up for the stock right now?
With the economy on the ropes, who's dropping dough on suits these days? Maybe the record rates of new hiring on Wall Street will spur suit sales. Kidding -- but seriously? I'm taking a pass.
Incidentally, if the shares were a bargain at these levels, where are the insiders lately? Take gander at the insider data.
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