Seeking Alpha

Best Buy Co. (BBY)

  • Feb. 28, 2013, 5:30 PM
    Notable earnings before Friday’s open: AMRC, BBY, EVEP, FWLT, HPT, MGA, NVAX, POM, XLS
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  • Feb. 28, 2013, 1:27 PM
    Richard Schulze appears to be backing off his bid to acquire Best Buy (BBY -0.7%) and will seek his former position as the chairman of the board, according to The Minneapolis Star Tribune. The investor has until midnight tonight to organize a bid or he will have to wait until next year.
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  • Feb. 28, 2013, 10:57 AM
    The Amazon Effect quantified: A detailed study on the impact of Amazon on brick-and-mortar retailers yields some surprising results along with the expected casualties of the showrooming phenomenon. Though Best Buy (BBY +0.1%) and Target (TGT -0.7%) both rank in the top 8 by retail risk - it's Bed Bath & Beyond (BBBY +0.1%) and PetSmart (PETM +0.4%) which top the list. (white paper)
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  • Feb. 27, 2013, 10:58 AM
    Target's test of embedding Best Buy's (BBY +0.3%) Geek Squad technicians inside of stores has expanded into Kansas City, according to the retailer. A broader Geek Squad rollout is hinted at, but not promised.
  • Feb. 26, 2013, 4:48 PM
    Best Buy (BBY -3.2%) -1.3% AH, adding to the day's losses, after 5 sources tell Reuters Richard Schulze's buyout attempt is in jeopardy thanks to financing issues. Schulze is now said to be focused on a minority investment, one that could a PIPE transaction, but investors are said to remain hesitant. Talks with P-E firms Leonard Green, Cerberus, and TPG have reportedly made little progress. Schulze is facing a Thursday deadline to deliver a buyout proposal. (Feb. 13 WSJ report) Update: Best Buy has pushed back its FQ4 report by a day to March 1 to if Schulze makes a bid.
  • Feb. 26, 2013, 12:39 PM
    Best Buy (BBY -2.5%) cuts 400 jobs at its Minneapolis headquarters in a move which is part of a sweeping plan to lop off $150M in expenses. An exec with the retailer says the cuts are company-wide, but won't include the "Blue Shirt" floor workers.
  • Feb. 21, 2013, 9:15 AM
    Best Buy (BBY) suddenly looks just a little bit more favorable to analysts as it benefits from mobile phone/tablet competition and gets subtle backing from consumer electronics firms anxious to limit Amazon's pricing power. Also to its credit, a new management team lead by CEO Hubert Joly has its hands firmly on the rudder. BBY -0.6% premarket, +46% YTD to complicate Richard Schulze's buyout bid.
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  • Feb. 19, 2013, 1:13 PM
    Electronics retailers continue to shift store space to refrigerators and furniture as they seek avenues of profitability. Though hhgregg (HGG +4.4%) has made the most dramatic product strategy changes to date, analysts think Best Buy (BBY +3.4%) and RadioShack  (RSH +2.8%) won't be too far behind to enter more aggressively into the turf of Sears (SHLD +1.1%) and Home Depot.
  • Feb. 19, 2013, 9:10 AM
    Premarket gainers: NVGN +130%. ODP +33%. OMX +26%. SPLS +14%. CEDC +8%. UNXL +8%. PWER +6%. BBY +5%.
    Losers: HUM -10%. YNDX -8%. CI -5%.
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  • Feb. 19, 2013, 8:22 AM
    Shares of Best Buy (BBY) are up 3.7% premarket with a couple of analyst upgrades - Stifel to Buy and Barclays to Overweight - tipping sentiment along with big box merger mania (ODP-OMX). Extending its price-match was widely expected, it's the "stabilizing" revenue trends which are drawing in the analysts.
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  • Feb. 17, 2013, 6:35 PM
    Best Buy (BBY) is making its price-matching guarantee, initially a holiday season promotion, permanent. Starting on March 3, the company will match the prices of "all local retail competitors and 19 major online competitors in all product categories." The glass-half-full view: Best Buy will cut down on showrooming, rob online rivals of a major selling point, and change consumer perceptions. The glass-half-empty view: Best Buy can't afford to do this, given the extra overhead it has, and those who shop online on account of its convenience won't change their habits.
  • Feb. 14, 2013, 10:54 AM
    Shares of Best Buy (BBY +5.6%) have fully recovered from yesterday's late dive attributed to a case of nervous feet by Richard Schulze over his bid to buy the company. The volatile trading in BBY is partially related to confusion over what the impact would be if Schulze goes along with a P-E backed plan to take a non-controlling minority position in the retailer.
  • Feb. 13, 2013, 5:45 PM
    Best Buy (BBY -2%) founder Richard Schulze is mulling whether to scrap plans for a buyout of the struggling electronics chain and instead (along with other investors) obtain a minority stake, the WSJ reports. Sources claim Schulze, who owns ~20% of Best Buy, hasn't yet secured enough financing for a buyout, which is leading him to explore his options. But no decision has been made yet. The report led Best Buy to dive in the final minutes of trading after rallying earlier.
  • Feb. 13, 2013, 11:04 AM
    Best Buy (BBY +4.1%) continues to drift higher without any concrete news out on the company or Richard Schulze's go-private plan. NBG's Brian Sozzi says the read-through from the sluggish electronics sales numbers pulled from today's retail sales report is that the retailer's competitive prices aren't doing much to push revenue higher.
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  • Feb. 13, 2013, 8:41 AM
    More on Retail Sales: A 5.7% Y/Y increase in building materials and garden equipment jumps out (HD, LOW) while the sharp 8.3% increase in sporting goods (DKS, CAB) may have something to do with increased gun demand. Once again, electronics sales (RSH, BBY) came in soft.
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  • Feb. 7, 2013, 9:59 AM
    A tale of two big-box retailers: After bearing the brunt of the Amazon Effect, Conn's (CONN +1.2%) and Best Buy (BBY -0.8%) took different approaches to their transformation. Conn's decided to move toward a focus on selling furniture, refrigerators, and other higher-margin items while Best Buy starting pumping its services and mobile business. Over the last six months, it's been a period of falling same-store sales at Best Buy while Conn's has managed to make gains. Same thing with share price: BBY -20.3% vs. CONN +43%.
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Company Description
Best Buy Co Inc is a retailer of technology products, including tablets and computers, televisions, mobile phones, large and small appliances, entertainment products, digital imaging and related accessories.
Sector: Services
Country: United States