Ruby Tuesday ( RT) was among stocks making the biggest moves on Wednesday after it reported better-than-expected quarterly results on Tuesday. Ruby Tuesday was up almost 59% to $6.18 after the Maryville, Tenn.-based restaurant operator reported that it earned $4.8 million, or 9 cents per share, in its fiscal third quarter ended March 3, compared with $11.7 million, or 23 cents per share a year ago. Revenue fell nearly 10% to $317.5 million. But excluding charges for store closures and a restructuring, EPS would have been 26 cents.
Analysts polled by Thomson Reuters had expected EPS of 11 cents on revenue of $311.1 million. The company also said it expected a 2009 loss of 40 cents to 50 cents per share, compared with a prior estimate of 45 cents to 55 cents. Excluding charges, it expects EPS of 38 cents to 48 cents; Wall Street estimates are for 28 cents. Lynne Collier of KeyBanc Capital Markets upgraded Ruby Tuesday on Wednesday to buy from hold, impressed by its paying down of $40 million in debt and improved same-store sales during the fiscal third quarter. Bed Bath and Beyond ( BBBY) shares were up 23% to $31.48 after the Union, N.J.-based home furnishings retailer posted a profit of 55 cents a share for its fiscal fourth quarter, down from 66 cents in the year-ago period. Analysts were looking for 44 cents a share. JPMorgan Chase upgraded the stock to neutral from underweight, noting that Bed Bath should benefit from former competitor Linens 'n Things going out of business. More than 28 million shares were changing hands.
Shares of Jos. A. Bank Clothiers ( JOSB) were up more than 18% to $34.40 after the men's retailer said Wednesday that its fiscal full-year profit climbed 16% on increased sales. Jos. A. Bank earned $58.4 million, or $3.17 per share, compared with $50.2 million, or $2.72 per share, a year earlier. Sales for the fiscal year ended Jan. 31 rose to $695.9 million from $604 million as same-store sales rose 8.9%. Analysts polled by Thomson Reuters were expecting EPS of $3.06 on revenue of $674.8 million. Shares of Ryder System ( R) were down 16% to $24.77 after the trucking company lowered its first-quarter earnings outlook to a range of 22 cents to 24 cents, down from 40 cents to 50 cents.
"The protracted length and increased severity of this freight recession has resulted in reduced customer demand for new leases and an increased number of customers downsizing their fleets," Ryder said in a press release. The company also said that customers are cutting back on driving, which reduces revenue and fuel sales. Shares of General Growth Properties ( GGP), a real estate investment trust, were down 17% to 87 cents after a downgrade by Wachovia Bank from outperform to market perform. On Monday, Chicago-based General Growth's shares had soared almost 35% on no news, prompting the company to issue a statement, saying it was unaware of any developments that would affect its stock price. General Growth had been contacted by the New York Stock Exchange, which requested a statement. Shares have fallen from $44.23 to as low as 24 cents in the past 52 weeks.