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Best Buy Co. (BBY)

  • Apr. 10, 2012, 10:32 AM
    Best Buy (BBY -2.3%) reverses the 4% gain it had in the wake of CEO Brian Dunn's resignation. The CNBC effect at work? Or are investors accounting for the damage that's happened to the retailer in the entertainment business? Herb Greenberg crows that three of his five worst CEOs are now out.
  • Apr. 10, 2012, 9:41 AM
    Best Buy (BBY +3.7%) CEO Brian Dunn resigns that post and his board position, with "no disagreements" relating to operations or procedures, but a "mutual agreement that it was time for new leadership." G. Mike Mikan is named interim CEO.
  • Apr. 9, 2012, 7:46 PM
    Best Buy (BBY) is recommending investors reject a "mini-tender" offer by TRC Capital to purchase up to 4M shares, or approximately 1.7% of the company's outstanding common stock, at $22.00 per share. The offer price represents a discount of approximately 4.1% to the $22.95 closing price of on April 4, the day before the offer commenced. Shares +0.4% AH.
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  • Apr. 4, 2012, 2:33 PM
    S&P places Best Buy's (BBY) BBB- rating on a credit watch with negative implications due to a business model that it says "is not working" and a lack of progress by the retailer to improve its performance. The ratings agency will meet with company management before issuing a final determination on whether Best Buy's rating will fall into junk status. Shares broke lower off the news and now stand down 3.3%.
  • Apr. 4, 2012, 12:22 PM
    Best Buy's (BBY -1.4%) online prices averaged 4.2% higher than Amazon's (AMZN -3.1%), according to a Barclays survey that does not paint BBY in a flattering light. Best Buy could claim the best buy on just 4% of products, while AMZN offered a better price on 54%. BBY also offered free shipping on fewer items, and was less competitive on taxes.
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  • Mar. 30, 2012, 6:03 PM
    Best Buy (BBY -4.4%) has long been seen as a victim of Amazon's success. Is Apple (AAPL) also responsible for its woes? Forbes' Nigam Arora thinks so. iTunes has damaged Best Buy's CD sales and store traffic, and the iPhone carries lower margins than many of the devices it has taken share from. In addition, consumers increasingly prefer to satisfy their Apple fix by visiting the company's own stores rather than Best Buy. (earlier)
  • Mar. 30, 2012, 3:58 PM
    Best Buy (BBY -4.4%) adds to yesterday's big losses after poor Q4 results, and pundits ask how it can compete with Amazon and the broader implications for how consumers buy technology (I, II, III). UBS asks: "Will it work? [What will] convince the market that the company is serious about taking steep steps to evolve with the changing marketplace... in reality, only time will tell."
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  • Mar. 30, 2012, 1:20 PM
    "Free cash flow is king," goes the title of BAML research determining free cash flow/enterprise value as a superior screening metric. Among the S&P 500 firms with the best readings are short-seller favorites GameStop (GME) and Best Buy (BBY) along with 2 health insurance companies (HUM, WLP) dogged by uncertainties about healthcare reform. (h/t/ Ploutos)
  • Mar. 30, 2012, 11:00 AM
    Big box retailers decide to go small in the face of a "seismic shift" in the habits of strapped consumers to purchase less and shop online with Best Buy (BBY -3.0%), Wal-Mart (WMT +0.4%), and Target (TGT +0.4%) all opting to emphasize small-format stores and online initiatives. The trend is also deeply rooted in demographics as on-the-go households see a reduced need to load up on appliances and consumer goods, according to analysts.
  • Mar. 29, 2012, 10:00 AM
    Positive early reaction to Best Buy's (BBY -6.2%) Q4 report gives way to negative sentiment, as the stock is now the S&P's biggest loser. Focus apparently shifted away from the introduction of cost-cutting steps to same-store sales, which fell 2.4%, and flat gross margin. FY 2013 guidance has EPS $3.50-$3.80 vs. $3.70 consensus, revenues $50B-$51B vs. $51.84B consensus.
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  • Mar. 29, 2012, 9:15 AM
    Premarket gainers: PSS +11%. RHT +7%. THLS +6%. ILMN +4%. ZLCS +3%. HERO +3%. BNNY +3%.
    Losers: CHTP -29%. NBG -6%. NCT -5%. JBLU -4%. BBY -4%. ATPG -3%. ONTY -3%. MTL -3%. ING -3%. BCS -3%. VVUS -3%. ARNA -3%. TOT -3%.
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  • Mar. 29, 2012, 8:15 AM
    More on Best Buy's (BBY) Q4: Domestic segment online revenue grew 21% Y/Y. Tablets and eReaders comparable store sales each increased low triple-digits in U.S. Plans to make $850M in cost reductions by FY15, including closing 50 big box stores in FY13. Will open 100 small format stand-alone mobile stores. Sees FY13 sales of $50B-$51B and EPS of $3.50-$3.80. Shares +4.6% premarket. (PR)
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  • Mar. 29, 2012, 8:11 AM
    Best Buy (BBY): Q4 EPS of $2.47 beats by $0.31. Revenue of $16.6B (+3% Y/Y) misses by $620M. Shares +3.3% premarket. (PR)
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  • Mar. 29, 2012, 12:05 AM
    Notable earnings before Thursday's open: BBY
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  • Mar. 28, 2012, 5:30 PM
    Notable earnings before Thursday's open: BBY
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  • Mar. 28, 2012, 12:00 PM
    UBS reiterates a Neutral rating on shares of Best Buy (BBY -0.9%) while hiking its price target to $27 from $25, writing the retailer must get more aggressive in its restructuring efforts to boost profit. BBY plans to cut its big-box square footage by 10%, but it should double that amount and boost store rep counts to 3.6/1,000 sq. ft. from a current 3.1, which would lift annual EPS $1.
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Company Description
Best Buy Co Inc 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