Aug. 27, 2013, 8:30 AM| Aug. 27, 2013, 8:30 AM | 1 Comment
Aug. 26, 2013, 6:29 PM
- The Best Buy (BBY) founder/20% shareholder says the sales, which will be made through a Rule 10b5-1 trading plan, are "part of his personal long-term strategy for asset diversification and liquidity." (8-K)
- Schulze returned to the struggling electronics chain as Chairman Emeritus in March, after giving up efforts to acquire the company (or at least a sizable minority stake).
- BBY -1% AH.
Aug. 26, 2013, 10:46 AM
- A consumer paradigm shift toward "things that last" could disrupt the critical holiday shopping season, according to retail analysts.
- After a Q2 which saw Home Depot (HD), Lowe's (LOW), Best Buy (BBY), hhgregg (HGG), and Conn's (CONN) report solid sales for appliances, a fresh forecast from IBM sees much of the same for H2 with discretionary spending tightening for apparel and incidentals.
- Looking for the trend to end: AEO, ANF, ARO, BBBY, BBY, BJ, CHS, COH, COST, DG, DLTR, GPS, JCP, JWN, KSS, LTD, M, NDN, NKE, PIR, PLCE, RL, RSH, SKS, SPLS, TGT, TIF, TJX, URBN, WMT, WSM, BKE, PSUN, ZUMZ, EXPR
Aug. 23, 2013, 12:21 PM
- Time Warner Cable (TWC -0.6%) says subscribers in New York, Los Angeles, and Dallas can receive free indoor antennas at TWC retail locations or receive a $20 credit that will be able to be used at Best Buy (BBY +1%) locations.
- The move give the cable operator a little bit of leverage as the NFL season approaches, although stepping over the gridiron Rubicon is still considered an unwise move by media analysts.
Aug. 22, 2013, 12:24 PM
- Tech pundit and Google Glass evangelist Robert Scoble reports hearing Google (GOOG +0.3%) is planning to rent 6K sq. feet worth of space at every Best Buy (BBY +2.8%) store next year to promote Google Glass.
- Is Scoble's source off by a decimal? Best Buy's stores have 20K-45K sq. feet of floor space (inc. register aisles and everything else). If the rumor is true, Google would be renting 13%-30% of available space.
- Regardless, Best Buy appears to be getting a lift from the rumor, as is Glass microdisplay supplier Himax (HIMX +3%).
- Google already has a Chromebook marketing partnership with Best Buy.
Aug. 21, 2013, 4:01 PM
- S&P affirms Best Buy (BBY) at BB and raises its outlook on the company to Stable from Negative.
- "Downside risk has moderated," the ratings agency says, adding that "sales trends should improve modestly" going forward.
- In a fine example of stating the obvious, S&P says it would be inclined to raise its rating on the company if BBY grows sales and profits "meaningfully and sustainably." (full note)
Aug. 21, 2013, 12:22 PM
- Wal-Mart (WMT -0.1%) eliminates a $5 fee to participate in its layaway program to fire one of the first shots of the holiday season promotional battles in retail.
- The company's layaway program will run from September 13 to December 13.
- Other retailers such as K-Mart (SHLD), Toys R Us, and Best Buy (BBY -1.9%) are likely to match Wal-Mart's layaway offer.
Aug. 21, 2013, 9:03 AM
Aug. 21, 2013, 7:37 AM
- Jefferies thinks Best Buy (BBY) management's turnaround plan is gaining credibility with each passing quarter.
- Improved margins are a major focus, although Q4 will be the "defining quarter" for the company.
- The investment firm adds $5 to its price target to take it to $40 and boosts FY13 and FY14 EPS estimates.
Aug. 20, 2013, 2:57 PM
Aug. 20, 2013, 2:53 PM
- "While shares are not expensive, they are also no longer trading at a significant discount," KeyBanc's Bradley Thomas says, regarding the rally in Best Buy (BBY +12.5%) following Q2 results.
- Despite losing its bargain status, the shares may still be worth a look, as Thomas notes that "new product launches in H2, as well as the Samsung Experience and other space optimization efforts could drive improved revenue trends in coming quarters."
- KeyBanc's FY14 EPS estimate is hiked to $2.42 from $2.25. Consensus is $2.20.
Aug. 20, 2013, 9:11 AM
Aug. 20, 2013, 7:26 AM
- Best Buy (BBY) beats estimates as strong online sales helped make up for a slip in comparable store sales.
- Despite not putting in a powerhouse quarter, substantial forward progress was made by Best Buy. In the U.S., comp sales were down 0.4% vs. -1.1% prior. Costs and the impact of a new pricing strategy were also better than anticipated.
- Mobile phone and appliances were strong categories during Q2. (PR)
- BBY +10.4%
Aug. 20, 2013, 7:06 AM
Aug. 20, 2013, 12:05 AM
Aug. 19, 2013, 5:30 PM
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