|Bid||39.60 x 800|
|Ask||63.00 x 800|
|Day's Range||47.67 - 49.18|
|52 Week Range||41.10 - 68.05|
|Beta (3Y Monthly)||2.04|
|PE Ratio (TTM)||18.95|
|Earnings Date||Nov 1, 2018|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||59.56|
Mattress Firm says filed for Chapter 11 bankruptcy protection so it can take steps to strengthen its balance sheet and reshape its store footprint.
Mattress Firm expects to complete prepackaged restructuring within 45 to 60 days. The largest U.S. mattress retailer, Mattress Firm, said Friday it has filed for Chapter 11 bankruptcy protection, as its corporate parent battles an accounting scandal and the retailer grapples with an onerous store footprint. With new entrants like online retailer Casper now selling mattresses with little to no markup, that pricing umbrella has begun to collapse.
NEW YORK, NY / ACCESSWIRE / October 4, 2018 / Tempur Sealy shares spiked over 10% on Wednesday on the news that rival Mattress Firm is planning on declaring bankruptcy. Shares of Upwork Inc. were also in the green, soaring over 40% as the stock had its first day trading in the market. Tempur Sealy International, Inc. shares were up nearly 11% on Wednesday on almost 2.9 million shares traded on Wednesday.
Check out the companies making headlines after the bell: Tempur Sealy International TPX shares jumped more than 8 percent in after-hours trading following reports that competitor Mattress Firm is preparing to file for bankruptcy.
Mattress Firm, the largest U.S. mattress retailer, has 3,000 brick-and-mortar locations. It has been struggling in recent years against online retailers and its parent company Steinhoff International Holdings NV also has debt. Tempur Sealy, the maker of the mattress brand Tempur-Pedic, pulled its products from Mattress Firm last year.
Tempur Sealy International Inc (NYSE:TPX), a consumer durables company based in United States, saw a significant share price rise of over 20% in the past couple of months on theRead More...
The company also reported adjusted quarterly profit of 25 cents per share, one cent above estimates, but revenue fell below Street forecasts. It also gave a full-year pre-divestiture earnings forecast that also is lower than current consensus estimates. Dollar General DG – The discount retailer beat estimates by three cents with quarterly profit of $1.52 per share, with revenue also beating forecasts.
Tempur Sealy International Inc. escalated a legal battle with former customer Mattress Firm Inc., filing a lawsuit accusing the retail chain of selling copycat products without authorization. , the president of Tempur Sealy’s North American operations, said in a sworn declaration that Mattress Firm appeared to be testing a confusingly similar Therapedic brand in the Tampa market and online for the critical Labor Day sales weekend. “Every day that Mattress Firm is permitted to continue selling these knockoff products will not only cause Tempur-Pedic irreparable harm, but also will harm members of the public, who are seeking truthful information about the options available to them,” Mr. Anderson said.
KeyBanc Capital Markets upgrades Tempur Sealy to overweight and sets a price target of $75, implying more than 30 percent upside. Analyst Bradley Thomas says the company could benefit from Mattress Firm's expected bankruptcy and negotiate a new partnership with the retailer. The two companies split in 2017 after corporate leadership could not agree on business strategy.
Bedding manufacturer Tempur Sealy's stock should rally 30 percent over the next year given reduced competition and the possibility of a new partnership with a major retailer, according to KeyBanc Capital Markets.
Serta Simmons will seek to take advantage of combining Tuft & Needle's e-commerce infrastructure and capabilities with Serta Simmons' retail reach.
CNBC used Symmetric.io, a hedge-fund tracking firm, to find the best stock-picking funds and the companies they are buying. The data reflect second-quarter holdings that hedge funds disclosed this week in required quarterly filings. Boldface names like David Tepper and Dan Loeb get much of the attention, but lower-profile hedge fund managers are performing even better and beating the market.
CNBC used Symmetric.io, a hedge-fund tracking firm, to find the best stock-picking funds and the companies they are buying.
Mattress Firm's deliberations offer the latest example of a U.S. brick-and-mortar retailer struggling financially amid competition from e-commerce firms such as Amazon.com Inc (NasdaqGS:AMZN - News). Shares of Mattress Firm competitor Tempur Sealy International Inc (NYSE:TPX - News) jumped on the news and ended trading on Monday up 5.2 percent at $52.64. Mattress Firm's South African parent, Steinhoff International Holdings NV (:SNHJ.J), has been working on a deal to restructure the debt of some subsidiaries with its creditors, following an accounting scandal.
International Inc. reported soft second-quarter results that failed to meet market expectations. Financial performance at the leading North American mattress manufacturer has disappointed for several quarters since the announced termination of supply arrangements with retailer Mattress Firm.
Tempur Sealy (TPX) delivered earnings and revenue surprises of -18.75% and -3.13%, respectively, for the quarter ended June 2018. Do the numbers hold clues to what lies ahead for the stock?
Under observation are Sleep Number Corp. (NASDAQ: SNBR), Tempur Sealy International Inc. (NYSE: TPX), Newell Brands Inc. (NYSE: NWL), and The Clorox Co. (NYSE: CLX). Minneapolis, Minnesota headquartered Sleep Number Corp.'s stock finished Thursday's session 2.99% higher at $31.31 with a total trading volume of 534,789 shares.