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Stock Market & Financial Investment News

News Breaks
April 15, 2014
11:41 EDTHGG, RSH, BBYElectronics retailers sink after hhgregg lowers outlook
Shares of electronics retailers Best Buy (BBY) and RadioShack (RSH) are sinking after another company in the sector, hhgregg (HGG), preannounced weaker than expected results and said that it would no longer sell mobile phones with contracts. WHAT'S NEW: hhgregg estimated that its loss per share for Q4 would be 17c. On average, analysts had expected the company to report earnings per share of 10c for the period. The company's EPS guidance includes a pre-tax write down of about $4M related to its decision to stop selling mobile phones and its write-off of associated equipment. But the retailer's Q4 revenue guidance also came in below expectations, and it estimated that its comparable store sales during the quarter had tumbled 9.9%. hhgregg said that its results were hurt by the harsh winter weather. For fiscal 2014, the company predicted that its EPS, excluding certain items, would come in at 9c, versus the consensus estimate of 35c. PRICE ACTION: In late morning trading, hhgregg tumbled $1.30, or 15%, to $7.40, while Best Buy fell 4.5% to $24.50 and RadioShack gave back 6% to $1.90.
News For HGG;BBY;RSH From The Last 14 Days
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March 3, 2015
08:34 EDTBBYBest Buy sees 1H16 comparable sales to be flat to negative low single digits
The comparable sales outlook is driven by a materials decline in tablet category and 2014 holiday momentum not continuing in the new year. Sees non-GAAP operating income down 30 to 50 basis points in 1H16. Reflects economic and growth pressures, 2016 investments into the growth initiatives, and anticipated SG&A inflation. Sees Q1 online growth in mid single digit range. Expects financial impact of economic pressures to begin in Q1 and continue throughout the year. It is optmistic of new product launches, but limited visibility keeps BestBuy "cautious" for the overall industry. Sees 1H16 income tax rate of 39%-40%.
08:21 EDTBBYBest Buy sees FY16 CapEx $650M-$700M in 'year of investment'
The company expects to accelerate the expansion of growing categories like large appliances and mobile phones. It expects to transform traditional offerings for customer needs and integrate Geek Squad into BestBuy.com. It expects to improve delivery and the installation experience with $100M-$120M incremental investments in 2016. Comments taken from Q4 earnings conference call.
07:48 EDTBBYBest Buy up 4.5% after Q4 earnings beat, dividend hike
07:44 EDTBBYBest Buy targeting $400M in annualized savings from phase 2 of 'Renew Blue'
Since the 3Q15 earnings release, Renew Blue annualized cost reductions have increased an additional $55M, bringing the total Renew Blue annualized cost reductions to $1.02B, Best Buy stated. In FY16, the company is launching Phase Two of its Renew Blue cost reduction and gross profit optimization program with a target of approximately $400Min annualized operating income improvement over three years, including the remaining benefit of approximately $250M from the company’s previously discussed returns, replacements and damages opportunity. These savings will be structural in nature and will be driven by streamlined processes and operational efficiencies that will be primarily enabled through investments in systems.
07:11 EDTBBYBest Buy CEO says FY16 to be year of investment
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07:10 EDTBBYBest Buy says Q4 strength in phones, large tvs offset tablet weakness
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07:08 EDTBBYBest Buy completes sale of its Five Star business in China
As previously announced on December 4, 2014, the company entered into a definitive agreement to sell its Five Star business in China. As a result of this agreement, Five Star was classified as held for sale at the end of FY15 and its results are included in discontinued operations for the current and prior-year periods. On February 13, Best Buy completed the sale of Five Star. The company has recast certain financial information for FY14 and FY15 to reflect the results from the Five Star business in China as discontinued operations.
07:05 EDTBBYBest Buy raises dividend 21%, declares special dividend, to resume share buyback
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07:03 EDTBBYBest Buy intends to buyback $1B in shares over three years
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07:02 EDTBBYBest Buy announces special dividend of 51c, raises regular dividend 21% to 23c
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07:02 EDTBBYBest Buy reports Q4 EPS $1.48, consensus $1.35
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March 2, 2015
15:23 EDTBBYNotable companies reporting before tomorrow's open
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14:32 EDTBBYBest Buy March weekly 38.5 straddle priced for 7% movement into Q4
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14:28 EDTBBYBest Buy technical comments before results
The stock has had a strong advance over the prior year, but that has stalled somewhat heading into earnings in the last few months. The shares have been in a trading range largely bound by $35 at the low, and $40 at the high. Those two levels can help up project where price may go following results. A breakout above the $40 area, at the 52-week high, would be bullish. Based on the size of the trading range, we could expect a move to the $45 area would then be in the cards, or possibly better depending on the degree of positive surprise. If the news is bearish and price breaks down below $35, the following support levels could become downside objectives: $33.17, $31.30.
07:59 EDTBBYBest Buy volatility elevated into Q4 and outlook
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March 1, 2015
17:44 EDTBBYSprint, Best Buy announce 'Best Buy One Plan'
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February 27, 2015
09:46 EDTBBYBest Buy management to meet with JPMorgan
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February 26, 2015
12:04 EDTBBYBest Buy volatility increases into Q4 and outlook
Best Buy March weekly call option implied volatility is at 60, March is at 42, April is at 35, June is at 34; compared to its 26-week average of 41 according to Track Data, suggesting large near term price movement into the expected release Q4 results on March 3.
February 20, 2015
08:26 EDTRSHStandard General weighing bid to lead RadioShack out of bankruptcy, WSJ says
Hedge fund Standard General, which became the largest shareholder of now bankrupt RadioShack last year by taking a 9.9% stake, has discussed contributing about $75M toward a $200M bid for the new RadioShack, reported The Wall Street Journal, citing a person familiar with the matter. The report noted that such a deal would essentially trade a rescue loan the fund arranged and contributed to last year for an ownership stake. Reference Link
February 18, 2015
09:32 EDTBBYComarco files patent suit against Best Buy
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