Bed Bath & Beyond on Wednesday announced it plans to buy back $2 billion in common shares over the next two years.
Karen Finerman, president of Metropolitan Capital Advisors, said that should put a floor in the stock.
Net income rose to $188.6 million, or 74 cents a share, in the fiscal third-quarter that ended Nov. 27, from $151.3 million or 58 cents a share, a year earlier. Analysts, on average, were expecting a profit of 66 cents a share, according to Reuters.
Sales rose about 11.1 percent to $2.19 billion, beating the analysts' average estimate of about $2.11 billion.
One concern that did play out with BBBY's earnings report was rising costs, said Brian Nagel, an analyst at Oppenheimer. The company will be able to pass those higher inventory acquisition and other costs on to the consumer, he added.
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Trader disclosure: On Dec. 22, 2010, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Karen Finerman owns (AAPL), (GOOG), (JPM) and (MSFT). Stephen Weiss owns (DVN), (FAS), (QCOM), (TBT), (VZ), (AKS), (SWC), (COP), (HK) and (NFLX) puts. Tim Seymour owns (AAPL), (BAC) and (F).
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BRIAN KELLY
Accounts Managed By Kanundrum Capital Own (BBT)
Accounts Managed By Kanundrum Capital Own (DE)
Accounts Managed By Kanundrum Capital Own (FCX)
Accounts Managed By Kanundrum Capital Own (GLD)
Accounts Managed By Kanundrum Capital Own (JPM)
Accounts Managed By Kanundrum Capital Own (MCP)
Accounts Managed By Kanundrum Capital Own (SPY)
Accounts Managed By Kanundrum Capital Own (SLV)
Accounts Managed By Kanundrum Capital Own (WFC)
Accounts Managed By Kanundrum Capital Own USD
Accounts Managed By Kanundrum Capital Own Australian Dollar
Accounts Managed By Kanundrum Capital Own (XLE)
Accounts Managed By Kanundrum Capital Own (QCOM)
Accounts Managed By Kanundrum Capital Own (VIX ) calls
KAREN FINERMAN
Finerman's firm is short (IJR)
Finerman's firm is short (MDY)
Finerman's firm is short (SPY)
Finerman's firm is short (IWM)
Finerman's firm is long S&P puts
Finerman's firm is long Russell 2000 puts
Finerman's firm owns (GLW)
Finerman's firm owns (JPM) and (JPM) leaps
Finerman's firm owns (MSFT)
ANTHONY SCARAMUCCI
Scaramucci and Skybridge Capital own (BR)
Scaramucci and Skybridge Capital are long USD
Scaramucci and Skybridge Capital own (AAPL)
Scaramucci and Skybridge Capital own (C)
Scaramucci and Skybridge Capital (EBAY)
Scaramucci and Skybridge Capital (GOOG)
BARRY RITHOLTZ
FusionIQ Owns (EWJ)
ED GROSHANS
BRIAN NAGEL
Nagel has no disclosures
DENNIS GARTMAN
Funds Managed By Dennis Gartman are long crude
MIKE KHOUW
Cantor Fitzgerald & Co. is a market maker in (AAPL)
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Cantor Fitzgerald & Co. is a market maker in (AMGN)
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Cantor Fitzgerald & Co. is a market maker in (GE)
Cantor Fitzgerald & Co. is a market maker in (GS)
Cantor Fitzgerald & Co. is a market maker in (GLW)
Cantor Fitzgerald & Co. is a market maker in (GOOG)
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Cantor Fitzgerald & Co. is a market maker in (MOT)
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Cantor Fitzgerald & Co. is a market maker in (YHOO)
CNBC.com with wires.
