forces

Bed Bath & Beyond turnaround under way, but analysts say outside forces are also giving the company a boost

Tonya Garcia

Bed Bath & Beyond Inc. is reaping the rewards of an ongoing turnaround, but analysts say the company is also getting a boost from a coronavirus-impacted environment that has been favorable to the home space.

Bed Bath & Beyond (BBBY) shares are soaring after second-quarter earnings beat expectations, with the company reporting the first same-store sales increase since 2016 (link). Shares were up nearly 9% in Friday trading, and have rallied more than 40% for the week.

Many research groups have raised their price target on Bed Bath & Beyond shares.

But UBS says the results need to be put in the context of a strong home furnishings category.

“It’s clear to us that the rising tide is lifting all boats,” analysts led by Michael Lasser wrote. “However, Bed Bath & Beyond also executed more effectively to take advantage of this tailwind.”

Read: Amazon will host its delayed Prime Day shopping event on Oct. 13 and 14 (link)

UBS rates Bed Bath & Beyond shares neutral with a $20 price target, up from $13.

“While we are impressed by the progress made, clearly the environment is helping with many of Bed Bath & Beyond’s key categories,” wrote JPMorgan analysts in a note. “This suggests ongoing share loss and there remains a lot of work to fix the company’s operating foundation while the COVID-induced nesting lap looms. As such, we remain neutral.”

JPMorgan moved its price target to $21 from $10.

Prior to the earnings announcement, retailers across the home design, home goods, and home improvement space were experiencing high demand from consumers who are spending more time in their houses due to the pandemic.

Watch: Why retail bankruptcies won’t necessarily create a ‘retail apocalypse’ (link)

RH (RH) was upgraded last week (link) on analyst expectation that high-end home

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Glass Fire forces all of Calistoga to evacuate as North Bay homes and wineries burn

SANTA ROSA — A fast-moving wildfire that tore across Napa and Sonoma counties in the early hours of Monday morning destroyed homes on the eastern edge of this city and forced at least 70,000 North Bay residents to flee, many in hasty late-night evacuations.



a tree in front of a sunset: CALISTOGA, CA - SEPT. 28: The Glass Fire burns behind the Kelly Fleming Wines in Calistoga, Calif., on Monday, Sept. 28, 2020. Calistoga is under mandatory evacuation tonight. The evacuation order is in effect for everyone south of Lincoln Avenue. Evacuees are being urged to avoid using southbound Highway 29 to Napa, Petrified Forest Road and the Silverado Trail. (Jose Carlos Fajardo/Bay Area News Group)


© Provided by Mercury News
CALISTOGA, CA – SEPT. 28: The Glass Fire burns behind the Kelly Fleming Wines in Calistoga, Calif., on Monday, Sept. 28, 2020. Calistoga is under mandatory evacuation tonight. The evacuation order is in effect for everyone south of Lincoln Avenue. Evacuees are being urged to avoid using southbound Highway 29 to Napa, Petrified Forest Road and the Silverado Trail. (Jose Carlos Fajardo/Bay Area News Group)

But there was better news by Monday evening, when firefighters that had been struggling at the start of the day to defend homes and neighborhoods were cautiously optimistic that weather conditions had turned in their favor, as the ferocious dry winds that drove the fire’s explosive growth appeared to have died down.

“We don’t have those critical burning conditions that we were experiencing those last two nights,” Cal Fire Division Chief Ben Nicholls said at a briefing late Monday. Fire crews, he said, “are feeling much more confident tonight when we were last night.”

The Glass Fire, the largest in the Bay Area and one of 27 blazes currently burning around California, more than tripled in size Monday to cover 36,236 acres as of around 5 p.m., with zero containment, according to Cal Fire. The entire city of Calistoga was ordered to evacuate Monday evening.

The blaze is made up of three fires that merged late Sunday and raced across the landscape. Nicholls said strong winds hurled embers over the Napa River and nearby vineyards, sparking spot fires on both sides of the Napa Valley

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Bay Briefing: Glass Fire forces 68,000 people from their homes

Good morning, Bay Area. It’s Tuesday, Sept. 29, and yes, there is actually a presidential debate this evening. Here’s what you need to know to start your day.

A familiar pattern

A chaotic wildfire that has already burned dozens of homes, destroyed wineries and forced about 68,000 people to evacuate continued to burn across Wine Country overnight.

Three wildfires that broke out on the east and west sides of St. Helena on Sunday spread quickly through extremely dry grasslands and merged into the Glass Fire by Monday morning. The fire has charred more than 36,000 acres and was not contained at all as of Monday afternoon. The city of Calistoga is now under a mandatory evacuation order and Santa Rosa City Schools have canceled all online classes through Wednesday.

Read more here and follow the live updates here.

More:

• Here’s what we know about the Bay Area’s latest wildfire. In Northern California: New evacuations from North Complex fires, three dead in Zogg Fire in Shasta County

• Bay Area’s wildfire weather outlook mixed: Calmer winds but more heat, dry conditions.

A firefighter watches as two houses burn on Mountain Hawk Drive  in the Skyhawk area of Santa Rosa.

• Air quality just northwest of the city of Sonoma was very unhealthy early Tuesday — see latest air quality across the Bay Area here.

• Why already scorched areas can remain vulnerable to new fires.

Fifth & Mission podcast: Reporter Matthias Gafni talks about an uncomfortably close call late Sunday night as he followed a city bus through flames of the fast-moving Shady Fire as the bus evacuated residents of the Oakmont Gardens Senior Home in Santa Rosa.

How do you replace the history?

Jesus Calderon uses a hand rake to stop small spot fires that are creeping into the vineyard  at Schramsberg Winery in Calistoga.

It’s a nightmare scenario for a year that was already a very bad dream for the Napa Valley wine industry.

The Glass Fire plowed through structures at several winery properties —

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California wildfires rage as wine country blaze forces evacuation of hospital, thousands of homes

Thousands of homes and a hospital have been evacuated in California’s wine country as a fast-spreading wildfire has exploded in size Monday with another day of dangerous fire conditions in a badly scorched state.

Cal Fire said the blazes, dubbed the Glass Incident, have now grown to at least 11,000 acres and remains 0% contained as it threatens neighborhoods and vineyards in Napa and Sonoma Counties, located about 75 miles north of San Francisco. The blaze started early Sunday.

“Two additional fires have started overnight and been merged with the Glass Incident,” the agency said Monday morning.

WILDFIRE ERUPTS IN CALIFORNIA’S NAPA COUNTY, EMERGENCY EVACUATIONS OVER ‘DANGEROUS RATE OF SPREAD’

The wildfire began as the Glass Fire north of St. Helena before moving at a “dangerous rate of spread.”

A firetruck travels on the Silverado Trail as a hillside goes up in flames during the Glass Fire in St. Helena, Calif., on Sunday, Sept. 27, 2020.

A firetruck travels on the Silverado Trail as a hillside goes up in flames during the Glass Fire in St. Helena, Calif., on Sunday, Sept. 27, 2020.
(Jose Carlos Fajardo/Bay Area News Group via AP)

“We woke up in the middle of the night and saw flames,” Jan Zakin of St. Helena told KGO-TV. “I was in my underwear, there was a car on fire blocking access out, my dog ran away, I still haven’t found her, we left with nothing, just literally with nothing. We’re so lucky to be alive.”

No injuries have been reported yet, but over,8,500 structures are threatened, according to Cal Fire.

Flames from the Glass Fire lick up a tree in St. Helena, Calif., Sunday, Sept. 27, 2020.

Flames from the Glass Fire lick up a tree in St. Helena, Calif., Sunday, Sept. 27, 2020.
(AP Photo/Noah Berger)

Flames reached within a mile of the Adventist Health St. Helena hospital, where all 55 patients were safely evacuated by ambulance and helicopter over a five-hour period starting at 7 a.m. Sunday.

“We had ambulances lined up from all over the Bay area,” hospital

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California wine country wildfire forces evacuation of hospital, hundreds of homes

ST. HELENA, Calif. (Reuters) – A wind-driven wildfire erupted on Sunday in the heart of northern California’s Napa Valley wine country and spread across more than 1,000 acres (404 hectares), forcing the evacuation of several hundreds homes and a hospital, authorities said.

Flames are seen on a hill above a vineyard on Crystal Springs Road during the Glass Fire in Deer Park, California, U.S. September 27, 2020. REUTERS/Stephen Lam

Fire crews were out in force, scrambling to fend off flames threatening neighborhoods and vineyards in the northwest corner of the famed wine-growing valley, about 75 miles (120 km) north of San Francisco.

The blaze, dubbed the Glass Fire, broke out before dawn near Calistoga and raced toward the adjacent towns of Deer Park and St. Helena, with flames advancing to within a mile of the Adventist Health St. Helena hospital.

All 55 patients who were at the hospital at the time were safely evacuated by ambulance and helicopter over the course of five hours, beginning around 7 a.m. in the morning, hospital spokeswoman Linda Williams told Reuters.

“We had ambulances lined up from all over the Bay area,” she said, adding that while the facility was surrounded by smoke, the skies over the hospital itself remained clear enough for helicopters to land and take off with patients who needed to be evacuated by air.

It was the second wildfire-related evacuation of the 151-bed hospital since August, coming on the heels of a massive cluster of lightning-sparked blazes that swept several counties north of the San Francisco Bay region.

Some 600 homes were placed under evacuation orders, with residents of another 1,400 dwellings warned to be ready to flee at a moment’s notice, according to California Department of Forestry and Fire Protection (CalFire) spokesman Tyree Zander.

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