Obama and the Democrat anti-business policies and failure in job growth (real unemployment is between 16 and 20%) have all but killed the US economy, dragging world economies down with it. Until business and job friendly politicians are voted into office and they actually start significantly curtailing government growth and pass policies enabling US businesses to expand and restart hiring, companies like Best Buy will suffer.
trading reversals on Fridays are rare i.m.e., less than 20%. so I'd say maybe Monday, more likely wed-thur. noted Ml's "two week rule" but quick chart review on bby shows less is typical. remarkably the 2377 guess seems intact
BBY, and all US businesses, would be doing much better today if the unemployemnt rate was the 4 to 5% it was before the Democrat House and Senate, of which Obama was a member, took power in 2007. The Democrat policies starting with the 2007 House & Senate thru today, with Obama leading the charge as President since 2009, have dramatically increased actual unemployment rates and significantly hurt businesses like BBY.
Don't blame obama. Blame stupid and incompetent management of bby.this thingy has gone on for 3 years now. They needed to cut work force by 10,000 and not mere 400, and close a lot more stores than just 50. They just don't seem to get it. What about their dividend? Is it dead?
I look at this more as "creative destruction" scenario. Others are beating BBY at the retailing game. I liquidated all my BBY 3 months ago after realizing that they weren't focused on changes in their market dynamics. Closing stores and laying off folks is only positive when it's done in conjunction with growth in other sectors, so nothing positive out of this move other than slowing the rate of decline.
I hope management can get the car back on the road.
But blaming poor economic policies coming out of the Fed and DC is only shifting blame from the responsible party. Others are succeeding in electronics (CONN for one) while BBY is flailing.