Best Buy Co. Inc. (NYSE: BBY)
Best Buy News & Technicals
Best Buy took a hit on Thursday morning before the market opened as reports came out of weak holiday sales, pushing shares down more than 7% premarket. According to reports, “the electronics retailer now expects domestic sales to decline 1.5%, compared with previous guidance for flat sales, because of softer consumer demand in mobile phones and greater-than-expected declines in other consumer electronics.” (MarketWatch) Shares are looking to open around the mid $26 range on above normal volume in the premarket. We should see some support come in at the $25 and $26 levels while resistance will be met at the $27 and $28.32 levels. This could be a good trader today as it’s in play but will have to see how it behaves around key pivot points.
Best Buy Co., Inc. is a multinational retailer, which provides consumer electronics, home office products, entertainment products, appliances and related services. The company operates through two business segments: Domestic and International. 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. The International segment is comprised of all operations outside the U.S. and its territories, which includes Canada, Europe, China, Mexico and Turkey. The company 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. The company changed its name from Sound of Music, Inc. to Best Buy Co., Inc. in 1983. Best Buy was founded by Richard M. Schulze in 1966 and is headquartered in Richfield, MN. (MarketWatch)