Best Buy Co Inc
5 things to know before the stock market opens Tuesday
A man walks on Wall St. during the morning commute, as the city deals with record temperatures and the excessive heat, in New York, July 20, 2022. Brendan McDermid | Reuters Here are the most important news items that investors need to start their trading day: 1. Stock futures rise U.S. equity markets were primed […]
Read More
Best Buy’s quarterly sales drop, as inflation-weary consumers pull back on spending
Televisions are seen for sale at a Best Buy store in New York City. Andrew Kelly | Reuters Best Buy on Tuesday said sales dropped by about 13% in the second fiscal quarter, as the retailer felt a pullback from inflation-weary shoppers. The retailer reaffirmed its full-year guidance, saying it expects softer demand for consumer […]
Read More
Stocks making the biggest moves midday: Walmart, Bed Bath & Beyond, Zoom, Ally and more
Vehicles pass a Walmart store in Torrance, California, on Sunday, May 15, 2022. Bing Guan | Bloomberg | Getty Images Check out the companies making headlines in midday trading. Walmart, Home Depot — The retailers’ shares rose about 5% each after both companies reported better-than-expected earnings for the most recent quarter. That lifted other retail […]
Read More
Walmart lays off corporate employees after slashing forecast
Exterior view of a Walmart store on August 23, 2020 in North Bergen, New Jersey VIEW press | Corbis News | Getty Images Walmart confirmed on Wednesday that it has begun to lay off corporate employees about a week after the company slashed its profit outlook and warned consumers had pulled back on discretionary spending […]
Read More
Mall owners say retailers are still opening stores in spite of recession fears
The biggest shopping mall owners in the United States say retailers are still forging ahead with plans to open new stores in spite of growing recession fears and decades-high inflation that’s squeezing shoppers’ budgets. Simon Property Group, the country’s largest mall owner, said the pipeline of businesses slated to open up at its properties remains […]
Read More
5 things to know before the stock market opens Friday
A screen displays the Fed rate announcement as a trader reacts on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 27, 2022. Brendan Mcdermid | Reuters Here are the most important news items that investors need to start their trading day: 1. Taking stock on a summer Friday […]
Read More
Amazon says consumer spending remains strong, bucking broader retail gloom
An Amazon delivery worker pulls a delivery cart full of packages during its annual Prime Day promotion in New York City, June 21, 2021. Brendan McDermid | Reuters Earlier this week, Walmart and Best Buy both lowered their profit outlook for the second quarter and full year, setting off alarm bells across the retail sector […]
Read More
Amazon jumps on revenue beat and rosy guidance for third quarter
Amazon shares climbed more than 12% in extended trading on Thursday after the company reported better-than-expected second-quarter revenue and gave an optimistic outlook. Here’s how the company did: EPS: Loss of 20 cents Revenue: $121.23 billion vs. $119.09 billion expected, according to Refinitiv Here’s how other key Amazon segments did during the quarter: Amazon Web Services: […]
Read More
Consumer spending is slowing, but there are still pockets of strength in these three sectors
Despite new signs of slowing consumer demand, pockets of strength remain in travel, payments and autos. Hilton on Wednesday topped analysts’ second-quarter estimates and raised its full-year outlook, saying it remained optimistic there would be strong travel demand for the rest of the year. On Thursday morning, Southwest Airlines reinforced this view as it beat […]
Read More
A ‘discretionary goods recession’ will hurt Best Buy, Jefferies says in downgrade
Best Buy investors should brace for more pain ahead, according to Jefferies. Analyst Jonathan Matuszewski downgraded shares of Best Buy to hold from buy, after the company lowered its forecast for the current quarter and fiscal year . Best Buy joins several other retailers that have reduced guidance because of weakening consumer demand. “[We] revisited […]
Read More