Shares of multiple retailers fell in Thursday trading after Bed Bath & Beyond (BBBY) announced quarterly earnings and guidance that came in lower than expectations, and after CNN reported that U.S. president-elect Donald Trump's transition team is in talks over a proposal to impose major tariffs on imports.
POSSIBLE TRUMP TARIFFS: U.S. president-elect Donald Trump's transition team is in talks over a proposal to impose tariffs as high as 10% on imports, CNN reported Thursday, citing multiple sources. A senior Trump transition official told CNN that the team is weighing a tariff of up to 10% aimed to spurring U.S. manufacturing, which could be implemented through an executive action or as part of a larger tax reform package to be pushed through Congress. Incoming White House Chief of Staff Reince Priebus floated a 5% tariff on imports in meetings a week ago, the report noted.
BED BATH & BEYOND EARNINGS: After the market closed on Wednesday, Bed Bath & Beyond reported third quarter earnings per share of 85c on revenue of $2.955B, compared to analysts' estimates of 98c and $3.01B, respectively. Comparable sales for the quarter fell 1.4% year-over-year, the company added. Looking ahead, Bed Bath & Beyond said it expects EPS for fiscal 2016 at the low end of its prior guidance of $4.50 to just over $5.00. Analysts expect the company to report FY16 EPS of $4.73.
PRICE ACTION: On Thursday, Target (TGT) closed down 4.4%, Wal-Mart (WMT) fell 2.32%, Best Buy (BBY) dropped 3.67%, Bed Bath & Beyond closed down 9.17%, JC Penney (JCP) slipped 5.4%, Kohl's (KSS) fell 4.97%, Macy's (M) was down 3.57%, Nordstrom (JWN) closed down 5.8%, and Sears (SHLD) fell 4.95%.
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