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Best Buy Could Be Setting Up For A Breakout

Best Buy Co. (NYSE:BBY) has performed very well of late, putting distance between itself and the other stocks in the GICS Computer & Electronics Retail subindustry over the last year. Other players in the subindustry include Conn's, Inc. (NASDAQ:CONN), GameStop Corp. (NYSE:GME), Rent-A-Center Inc. (NASDAQ:RCII), and HHGregg, Inc. (OTCPK:HGGGQ).

Best Buy recently announced a 21.4% dividend increase to $0.34/share and a $3 billion share repurchase program over two years. These actions should keep the stock price momentum going despite mixed results in Q4 2017 and disappointing forward guidance.

Best Buy's success has been a result of market share gains in home theater, appliances, computing, as well as revamping the Canadian business by closing Future Shop stores and turning a $4 million loss into $100 million operating income.

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by Steve Auger