The Ruby’s at the end of Huntington Beach Pier will close forever on Friday - OCRegister
The Ruby’s at the end of Huntington Beach Pier will close forever on Friday - OCRegister |
| The Ruby’s at the end of Huntington Beach Pier will close forever on Friday - OCRegister Posted: 25 Feb 2021 12:00 AM PST  A fixture on the tip of the Huntington Beach Pier for a quarter of a century, Ruby's Diner will close its doors permanently on Friday, Feb. 26. "The facility was purchased by a new ownership group out of a bankruptcy proceeding," Huntington Beach City Manager Oliver Chi said Thursday night. Operators of the Ruby's Diner, then a 32-restaurant chain, filed for bankruptcy in 2018. "It's our understanding that the restaurant location will be closed while the new ownership group works through permitting efforts," Chi said. The new restaurant will feature seafood on its menu, he added. In 1996, Ruby's replaced The End Cafe – which plummeted into the ocean during a 1988 storm that battered the pier. Thanks to its stunning location, reasonable prices and fun 1950s and tiki decor, Ruby's quickly became a favorite among locals and beyond. "I went on dates with my husband there, both before and after we were married," said Huntington Beach resident Anna Child. "We took our children to Ruby's all the time." The Huntington Beach Ruby's served as an everyman's oceanfront restaurant, Child said: "It was a beautiful place to go that wouldn't break the bank." Child heard rumors Thursday and telephoned the restaurant to verify. "They confirmed that, yes, it's true," she said. "I felt like crying." On Facebook Thursday, dozens of Ruby's fans exchanged plans to meet up at the diner on its final day. Chi said the new owner is Alexander Leff, who also operates concessionaire locations on the Malibu Pier. Ruby's main financial problems began in 2012, when it borrowed money to buy out disgruntled partners. Huntington Beach owns the Ruby's building. However, Chi said, the city did not play a role in identifying a new tenant due to the bankruptcy proceedings. . |
| Home Depot will surge 35% for 5 key reasons, according to Bank of America - Business Insider Posted: 24 Feb 2021 12:00 AM PST  Noam Galai/Getty Images
Home Depot's sales growth and the potential for up to $10 billion in share buybacks are among five reasons to buy into the home-improvement retailer, Bank of America said Wednesday, raising its price target on the stock to $360 from $355. In a note on Wednesday, the investment bank reiterated its buy rating on the company. The higher call would represent upside of 35% from Tuesday's closing price of $267.24. Shares of Home Depot were under pressure Wednesday following a 3% decline the day before, after the company did not provide fiscal 2021 profit guidance as it monitors how consumer spending will evolve. Home Depot's fourth-quarter revenue of $32.26 billion was higher than a year ago and beat Wall Street's expectations of $30.7 billion. Bank of America said Home Depot's fourth-quarter results marked the third consecutive quarter of same-store, or comparable, sales growth of more than 20%. It said monthly comparable sales figures have run consistently above 20% since May 2020 and that Home Depot has indicated it was seeing that pace in February. "This illustrates HD's consistent and strong execution within a strong category of retail," wrote BofA research analysts led by Elizabeth Suzuki. Alongside sales growth, BofA outlined four other reasons it said investors should consider Home Depot shares worth buying: Capacity for share buybacks Home Depot had $7.9 billion in cash on its balance sheet as of January 31, which the investment bank said is more than 3 times the average year-end cash balance of the previous five years. The retailer plans to keep a cash cushion of at least $4 billion throughout 2021 but BofA expects the company to spend at least $6 billion on share repurchases throughout the course of the year. Home Depot, however, "could buy back as much as $10 billion in shares without cutting into its cash threshold, by our estimates," the analysts said. "We view this as a significantly underappreciated upside risk" to per-share earnings. Above-average wallet share There should be a shift in consumer spending to "away-from-home" categories in the second half of 2021, but "home is still the place to be (and spend) for now," said the bank as it referenced year-to-date spending data and its proprietary indicator of consumer spending at home improvement stores. Taking market share Home Depot estimates it has captured 275 basis points of market share growth between 2018 and 2020 as a result of its One Home Depot initiative, according to the note. The "company's performance during the pandemic underscores the benefit of these initiatives, and illustrates the advantage of being the #1 retailer in the category with a very healthy balance sheet, i.e. the ability to out-invest competitors," wrote BofA. The right investments In terms of investments, the acquisition of industrial products company HD Supply late last year could add another "4-5% in top-line growth in 2021 above comp" and provide exposure to post-pandemic "reopening" opportunities through the maintenance, repair & operations, or MRO, market. "Additionally, HD's investments in hourly wages and benefits for associates should attract talent, engender loyalty, and limit attrition as other retailers follow suit," said BofA. Shares of Home Depot traded at $254.84 at 11:57AM E.T. on Wednesday. |
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