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Stock Market & Financial Investment News

News Breaks
November 23, 2012
12:09 EDTBBY, GNWStocks with call strike movement; BBY GNW
Best Buy (BBY) January 13 call volatility decreased 1% to 91,Genworth (GNW) January 7 call option implied volatility increased 2% to 62 according to iVolatility.
News For BBY;GNW From The Last 14 Days
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August 26, 2014
14:47 EDTBBYBest Buy shares defended at Jefferies
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14:17 EDTBBYInvestors should sell Best Buy, Barron's reports
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12:24 EDTBBYOn The Fly: Midday Wrap
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11:23 EDTBBYTRW September volatility elevated
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11:12 EDTBBYHigh option volume stocks
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11:09 EDTBBYBest Buy shares decline as Best Buy reports Q2 sales drop
Shares of multi-channel Best Buy (BBY) are retreating after the firm reported that sales declines continued through the second quarter. WHAT'S NEW: Best Buy's Q2 earnings per share from continuing operations was 44c, exceeding analysts' consensus estimates of 31c. The company's Q2 revenue was $8.9B, which was slightly lower than analysts' $8.99B consensus. Same-store-sales for the quarter declined 2.7%, which is better than the overall industry sales decline of 2.5% as reported by NPD. Best Buy Chief Executive Officer Hubert Joly noted that traffic to the company's brick and mortar stores continued to decline as consumers research and buy online. Joly noted that in-store conversion and online traffic continued to increase during the quarter. Joly said that in the back half of the year, the retailer plans to intensify its investments in customer-facing initiatives. Chief Financial Officer and Chief Administrative Officer Sharon McCollam reiterated that industry-wide sales are continuing to decline in many of the consumer electronics cateogries in which it competes, and said the retailer is seeing "ongoing softness" in the mobile phone category ahead of new product launches. She forecast SSS down in the low single digits for both the third and fourth quarters and sees Q3 and Q4 operating income in line with the first half of the year. For the back half of the year, McCollam sees continued industry softness and higher promotionality in Canada and China. WHAT'S NOTABLE: During the company's conference call, Best Buy said that it is "encouraged" by the response to 4K televisions and aims to expand its holiday gift centers within stores. The company's CFO McCollam said that the firm's mobile phone category is "complicated to forecast." She feels that the disruption of carriers "could have impact" that the technology retailer did not anticipate. McCollam said that despite great excitement for some high-profile phone launches, there is still a great deal of competition in the lower-end of the phone market. In terms of the start of the upcoming quarter, Best Buy feels that the beginning has been "in-line" with expectations. ANALYST OPINION: ISI analyst Greg Melich feels that Best Buy's Q2 EPS beat was due to a slightly less dramatic decrease in gross margins and improved cost controls. He feels that the market is likely to pay close attention to continued sales decreases when predicting the rest of the year despite the better than anticipated quarterly EPS results. Melich said that he will keep an eye out for positive signs that Q4 will experience an improvement given the highly promotional and competitive landscape last year. The analyst keeps the stock with a neutral rating and a $31.99 price target. PRICE ACTION: In morning trading, Best Buy fell $1.59, or 4.97%, to $30.40. OTHERS TO WATCH: Best Buy peers include RadioShack (RSH) and hhgregg (HGG).
11:01 EDTBBYBest Buy shares defended at Morgan Stanley
08:56 EDTBBYOn The Fly: Pre-market Movers
HIGHER: Tim Hortons (THI), up 10.5% after announcing merger agreement with Burger King (BKW), which is up 4% after the news. Burger King CEO Schwartz will become group CEO of the new company and Berkshire Hathaway (BRK.A) has committed $3B of preferred equity financing for the deal... DSW (DSW), up 12% after reporting Q2 earnings beat, FY14 outlook above consensus... Kite Pharma (KITE), up 17% after announcing phase 1-2a results from trial of potential treatment of non-Hodgkin's lymphoma... Mobileye (MBLY), up 4.4% after coverage of stock initiated at several research firms, including Morgan Stanley which started with an Overweight rating and $46 price target and named it a new top pick... Kandi Technologies (KNDI), up 9% following Bloomberg report on Chinese government considering funding for electric car chargers. LOWER: Best Buy (BBY), down 3.7% after reporting Q2 revenue below consensus, Q2 same-store sales decline of 2.7%... Sanderson Farms (SAFM), down 5.9% after Q3 earnings, revenue miss estimates... Movado (MOV), down 5.1% after Q2 revenue miss expectations... DOWN AFTER EARNINGS: Prospect Capital (PSEC), down 3.5%... Trina Solar (TSL), down 7.6%.
08:54 EDTBBYBest Buy CEO says beginning of quarter has been 'in-line with expectations'
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08:44 EDTBBYBest Buy CFO says mobile phone category 'complicated to forecast'
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08:18 EDTBBYBest Buy CEO says 'encouraged' by response to 4K televisions
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07:10 EDTBBYBest Buy sees Q3, Q4 operating income rate up in line with 1H
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07:04 EDTBBYBest Buy sees ongoing softness in mobile phone category
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07:03 EDTBBYBest Buy CFO sees SSS down in low single digits in Q3, Q4
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07:02 EDTBBYBest Buy: Benefits of Renew Blue cost reduction drove Q2 results
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07:01 EDTBBYBest Buy reports Q2 continuing ops EPS 44c, consensus 31c
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August 25, 2014
15:18 EDTBBYNotable companies reporting before tomorrow's open
Notable companies reporting before tomorrow's market open, with earnings consensus, include Best Buy (BBY), consensus 31c; Golar LNG (GLNG), consensus (7c); DSW (DSW), consensus 32c; Tech Data (TECD), consensus 77c; Sanderson Farms (SAFM), consensus $3.82; Movado (MOV), consensus 54c; Trina Solar (TSL), consensus 14c.
14:14 EDTBBYBest Buy technical comments ahead of results
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10:24 EDTBBYBest Buy weekly volatility increases into Q2 and outlook
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August 22, 2014
06:37 EDTBBYBest Buy weekly volatility elevated into Q2 and outlook
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