Best Buy Shares Slide Following Weak Q3 Earnings
Ticker.tv News | Nov 19, 2017 04:23AM ET
Best Buy Co Inc (NYSE:BBY)
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On Thursday before the market opened, Best Buy ($BBY) announced third quarter results that missed analyst expectations and sent shares sliding in the premarket.
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The company announced earnings per share of 78 cents on $9.32 billion in revenue while analyst were looking for 78 cents per share on $9.36 billion in revenues.
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However, on a positive note, they did raise guidance for Q4 with revenues ranging between $14.2-14.5 billion with adjusted EPS between $1.89-1.99.
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As you can see in the 5-minute chart above, shares of BBY took a dive following Q3 results and are currently trading at $55.26 after closing Wednesday at 57.30, marking a 3.5% drop in value.
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Some important support levels to take note of will start at $54 followed up by the low in the premarket currently at $51.90. After that we are looking at $50 as a major level of support.
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Resistance will be met at $56 followed up by $57 and yesterdays high at $57.43. Shares will be volatile today which should provide plenty of opportunity with this name.
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h3 Best Buy Profile/h3“In the third quarter, we delivered strong top and bottom line results with 4.4% comparable sales growth and 30% EPS growth,” said Hubert Joly , Best Buy chairman and CEO. “Technology innovation is fueling demand and our strategy is resonating with our customers. We are also making significant progress against our Best Buy 2020 strategy and are excited about the opportunities for long-term value creation. And while we are investing in key initiatives and capabilities, we are also able to generate significant returns for our shareholders through the growth of our EPS and our capital allocation strategy.”
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Best Buy Co (NYSE:BBY)., Inc. provides consumer electronics, home office products, entertainment products, appliances and related services. It operates through two business segments: Domestic and International.
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The Domestic segment is comprised of the operations in all states, districts and territories of the U.S., operating under various brand names, including but not limited to, Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster and Pacific Sales.
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The International segment is comprised of all operations outside the U.S. and its territories, which includes Canada, Europe, China, Mexico and Turkey.
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It also markets its products under the brand names: Best Buy, Audiovisions, Best Buy Mobile, The Carphone Warehouse, Five Star, Future Shop, Geek Squad, Magnolia Audio Video, Napster, Pacific Sales and The Phone House.
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The company was founded by Richard M. Schulze in 1966 and is headquartered in Richfield, MN
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