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Best Buy stock soars after strong earnings

Best Buy stock soars after strong earnings

Another encouraging sign is that Best Buy's online sales surged 24% in the quarter. The reported earnings topped the analyst's consensus by $0.09 with the surprise factor of 25.70%. Also, CEO Hubert Joly sold 398,000 shares of Best Buy stock in a transaction dated Thursday, June 2nd. That growth also marks a 75 percent increase in online revenue over the last three years. Schroder Investment Management Group boosted its position in shares of Best Buy by 22.6% in the fourth quarter.

You can chalk that up to the fact that Best Buy has never lost its ability to confound Wall Street expectations in a good way. Oppenheimer Holdings also issued estimates for Best Buy's Q4 2017 earnings at $1.56 EPS and FY2018 earnings at $3.15 EPS.

Best Buy Co., Inc.'s (BBY) stock price showed strong performance of 14.34% in last seven days, switched up 20.82% in last thirty days and it rose 40.21% in last one year.

The company said it now expected low-single-digit percentage growth in fiscal-year operating income, compared with a previous forecast of "approximately flat" results.

The chain's domestic business was helped by higher sales of wearables like Fitbits as well as demand for televisions and appliances, offsetting declines in mobile phones and gaming.

Men's Marathon: Eliud Kipchoge Wins, Galen Rupp Gets Bronze
He never finished higher than 14th at the NCAA cross country championships but won the USA Marathon Championships in 2015. He had finished fifth in the 10,000 metres in Rio after winning a silver medal in the event at the 2012 London Olympics.

Lifetime producing 'Britney' unauthorized movie about Britney Spears' life story
We are definitely looking forward to the release of Britney's Lifetime movie; a wonderful way to honor the pop princess. With all of this attention on the pop-star, Lifetime has chose to push a Britney Spears biopic into the 2017 schedule.

France's Sarkozy brands burkinis a "provocation"
Protesters have been demonstrating outside the French embassy in London on Thursday against the heavily criticised burkini ban. . The woman had gone to the beach in Cannes , and said she was given a verbal warning when she refused to remove the headscarf.

Where we still struggle: (1) Q2 is a small quarter, and there is over 65% of the year remaining from a profit perspective; (2) we question whether this is as good as it gets for certain categories, like home theater, and also market share gain-wise. The $13 billion US electronics and appliance retailer's second-quarter results were almost a mirror image of a year ago, buffed by share buybacks.

To mark the birthday, Best Buy opened a month-long display in the rotunda of the Mall of America on Monday that highlights some of the latest smart home products on the market. Lucus Advisors LLC acquired a new stake in Best Buy during the second quarter valued at about $344,000. It's not pretty, but Best Buy is finding a way to survive the Amazon. (NYSE:BBY) paid a total of $0.28 per share in dividends. As investors pushed shares even higher, analysts took the opportunity to raise their price targets and chase Best Buy to new highs.

Add all of that up, and in the day leading up to Tuesday's earnings release, headlines in the financial press warned of "mounting troubles" for Best Buy and a possible imminent "crash" of its shares. Analysts had been expecting revenue of $8.4bn.

Revenue from the global segment was reported to be $644 million, reflecting a decline of 1%.

ValueWalk asked "Is the end near for Best Buy?", noting "many have written off Best Buy as a showroom for Amazon" and it's been forced to "push more frequent discounts to compete in the rapidly changing environment".

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