Pier 1 Imports Slumps on Weak Quarter; Stocks Cheer Yellen Speech

Pier 1 Imports (PIR) plummeted Friday after quarterly earnings missed estimates and full-year guidance was slashed.
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Pier 1 Imports (PIR) plummeted Friday after quarterly earnings missed estimates and full-year guidance was slashed. The home furnishings retailer said increased clearance sales over its recent quarter squeezed margins. Stocks moved higher after Federal Reserve Chair Janet Yellen removed some of the doubt over the central bank’s plans for an interest rate hike. Yellen made the case for a rate hike by year’s end. The final read on consumer sentiment in September was revised up, beating economists’ estimates, though remained well below August's reading. Weaker sentiment was likely tied to extreme market volatility this month. Bed, Bath & Beyond (BBBY) moved higher despite a weak quarter. Same store sales increased 0.7%, below an expected growth range of 2% to 3%.