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3 Stocks to Watch on Friday: Bed Bath & Beyond Inc. (BBBY), Sonic Corporation (SONC) and Idera Pharmaceuticals Inc (IDRA)

Karl Utermohlen

InvestorPlace - Stock Market News, Stock Advice & Trading Tips

The U.S. stock market posted slight losses Thursday as the day’s focus turned to the Senate health bill, which will come to a vote next week. The S&P 500 Index and the Dow Jones Industrial Average lost 0.1% apiece, while the Nasdaq Composite gained a fraction of a percentage by day’s end.

3 Stocks to Watch on Friday: Bed Bath & Beyond Inc. (BBBY), Sonic Corporation (SONC) and Idera Pharmaceuticals Inc (IDRA)

Bed Bath & Beyond Inc. (NASDAQ:BBBY) and Sonic Corporation (NASDAQ:SONC) are moving on the heels of their latest financial results, while Idera Pharmaceuticals Inc (NASDAQ:IDRA) is making a double-digit run amid news pertaining to one of its cancer drugs.

Here’s how these stocks did late Thursday:

Bet Bath & Beyond Inc. (BBBY)

Retail is taking it on the chin this morning, and this time, you can blame BBBY.

Bed Bath & Beyond shares are off solidly Friday morning amid misses on expectations pretty much across the board. Earnings of $75.3 million were off 38% year-over-year, and the per-share figure of 53 cents per share was well off estimates for 66 cents per share.

Sales of $2.74 billion were merely flat year-over-year, and also missed expectations for $2.79 billion. That got no help from same-store sales, whose decline is accelerating, from a 0.5% decline last year to a 2% drop in Q1 2017.

The only bright spot: Digital sales were up 20% … but that also illustrates how weak the brick-and-mortar business is getting.

Costs were higher for the retailer over the period, including shipping and advertising spending, which could prompt the company to increase fees.

BBBY stock is plummeting by about 10% this morning, and it’s sitting at lows last seen in 2009.

Sonic Corporation (SONC)

SONC shares are also on the decline this morning, despite an earnings beat.

The fast-food restaurant brought in 43 cents per share over the course of its third quarter, beating the consensus estimate of 41 cents per share.

The weakness is more likely a product of soft revenues and projections.

Sales of $123.9 million came in shy of expectations for $126 million, including a 1.2% dip in comps. Meanwhile, the company says that it’s expecting earnings to decline between 2% and 5% year-over-year, the midpoint of which fell short of the consensus view for 2.9% in declines.

Still, the company said it expects growth in the near future due to “new product news, targeted value and quality customer service,” according to CEO Cliff Hudson.

SONC shares are off by more than 2% this morning.

Idera Pharmaceuticals Inc (IDRA)

Idera Pharmaceuticals reported some encouraging news surrounding its latest melanoma drug.

The U.S. Food and Drug Administration has granted orphan drug resignation IMO-2125, which is designed to treat advanced melanoma, in stages IIb to IV.

Idera is conducting Phase 2 of the ipilimumab combination arm of a clinical trial of intratumoral IMO-2125 in patients with anti-PD-1 refractory metastatic melanoma.

Melanoma is a type of skin cancer that often comes in the form of abnormalities that look like moles. The illness is caused by intense exposure to the sun or UV rays, and it kills more than 10,000 people in the U.S. each year.

IDRA stock is rocketing about 10% higher on Friday’s news.

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