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Bed Bath & Beyond (BBBY - 25) is a home accessories store. According to Hoover's Online
, it ranks as the top such retailer in the United States, with over 250 superstores in 39 states. The company aims to open 45 new stores each year to maintain its growth rate.
Last Thursday, BBBY shares rocketed over 18 percent higher after announcing second-quarter earnings that topped the Street's consensus estimate by a penny per share. Over the past week, BBBY has been consolidating near new annual highs around the 25 region.
This morning, BBBY was downgraded at Bank of America, which reduced its rating on the stock from a "strong buy" to a "market perform." The security initially opened to the downside but has since erased its losses and is trading more than a percent higher in late-morning activity.