Heavy rains caused unprecedented delays in planting this year and contributed to record floods across the central United States.Agricultureread more
Although Cook did not mention companies by name, his commencement speech in Silicon Valley's backyard mentioned data breaches, privacy violations, and even made reference to...Technologyread more
U.S. ambassador to Israel David Friedman called the gesture a "birthday present" to Trump, who turned 73 on Friday.Politicsread more
Organizers claimed that nearly 2 million Hong Kong protesters took to the streets Sunday in a rally to demand the city's top official resign a day after she suspended — but...China Politicsread more
Target's registers were down on Saturday for several hours preventing customers from checking out.Retailread more
In the survey, 66% of Democratic primary voters say they'd be enthusiastic or comfortable about Biden as their nominee to take on President Trump in the 2020 election. Just...Politicsread more
The newspaper wrote that Goldman's executive are hoping CEO David Solomon's changes to a firm that historically thrived in investment banking and trading will boost its...US Marketsread more
The Fed is not likely to make a move on interest rates when it meets next week, but it should clear the way for a rate cut later in the summer.Market Insiderread more
Representatives from the Chinese side say they think it likely that Chinese President Xi Jinping will attend the G-20 meeting later this month. But in order to reach a trade...China Economyread more
With uncertainty keeping a lid on U.S. stocks, Ed Clissold of Ned Davis Research says the rest of 2019 is likely to be a "choppy," but somewhat opportunistic, ride for...Futures Nowread more
You can save money by doing a quick check and unsubscribing from apps you no longer use.Technologyread more
Bed Bath & Beyond may be headed for a quicker-than-expected demise if the company doesn't shake things up, Anthony Chukumba, managing director and senior research analyst at Loop Capital Markets, told CNBC.
Bed Bath & Beyond "should be more aggressive in closing stores" and building its online presence, he said.
Its stock plunged more than 18 percent on Thursday after the home goods retailer issued a weak 2018 forecast.
While Chukumba acknowledged that the company is still profitable, generating positive cash flow and having a "relatively under-leveraged balance sheet," he said it is not closing stores fast enough to continue competing in the digital world.
"They have talked about closing 40 core Bed Bath & Beyond stores this year. I don't think that's enough," he said. "And they're actually going to open about 20 Buy Buy Baby and Cost Plus stores."
Bed Bath & Beyond is parent company to both Buy Buy Baby and Cost Plus.
"The problem is that [Bed Bath & Beyond] sells a lot of commodity products, nationally branded products that you can find at other places and in many cases for less," Chukumba said.
In a quarterly, in-house pricing study, Loop Capital Markets found that Bed Bath & Beyond is about 18 or 19 percent more expensive than e-commerce giant Amazon. Bed Bath & Beyond has long been offering coupons of 20 percent off to lure shoppers into stores. But Chukumba said that has only caused margins to drop "a countless number of quarters year over year."
Bed Bath & Beyond stock has declined 23 percent in the last month, 55 percent in the last year, 76 percent down in three years and 74 percent in the last five years.
Still, Chukumba has a hold rating on the stock rather than a sell.
"We're just not sure there is significant additional downside here, at least over the next 12 months," he said of the discounted stock, which closed at $17.21 on Thursday.
"They're not going away anytime soon," he said.
Bed Bath & Beyond could not be reached immediately for comment.