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Best Buy (NYSE:BBY), the world’s largest consumer electronics retailer, managed to beat expectations in last week’s earnings report. This means that the bottom line numbers didn’t fall as much as anticipated. And then shares saw their highest climb in 15 months (and ended the week up 9%). So is it time to buy?

Short answer: No. Slightly longer answer: The company is “a broken story. Not as bad as expected is about the best thing I can say about Best Buy”, according to CNBC’s Guy Adami.

‘Not as bad’ is pretty accurate: Net income dropped 12%, less than the projected decline. And while domestic same store sales dropped -2.4%, that was better than expectations of a 4% decline. And revenue increased 1.4%.

Beating expectations or not, I don’t consider any of those numbers a reason to buy. In spite of last week’s activity, the stock is still down -18% over the past year. And while the stock is cheap, and valuations look good, it is technically in a long-term downtrend, and has been a sell since early this year.

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Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Source: Is Best Buy a Buy?