The store in cleveland suburb was jam packed and people were axctually buying. I believe the holiday season will be fantastic and we would know more of it in mid january. i. Believe the next qtr earnings would beat the est of $1.51. This will result in a higher offer from schulze in feb..in thje range of $21-$23 for a buyout. So load up.
Was also at a BBY yesterday. Word was that the store was comping 8% down year over year against the second to last Saturday (a key day for sales). People were buying in gaming, computers, and home entertainment, but the rest of the store was weak. This store is also in an excellent location with the area economy doing reasonably well.
I went to a suburban Chicago BBY store today. You could not get in the parking lot. The store was packed, wall to wall. The cash registers were busy, and the lines were good size. This is a good sign for a brick and mortar, people are spending. GLTA BBY longs.....
I go to mylocal Best Buy fairly regularly. Last time I was there, the store had bunches of customers!! Since I had lots of stock in BBY, I thought that looked good. When I went to check out, there was only one person in front of me. Struck me as strange that so many people were in the store but no one was checking out.
I think Best Buy will have a good holiday season as well. The real benefit for Best Buy will be when Amazon has to charge sales tax. After that time, Best Buy will be in the money. In the short term, the stock may show some weakness though due to the delay in buy out talks/offer. I am looking for good entry points!
This is why an extension was given to Schulze. Management knows damn well that sales are going to exceed expectations and that his offer is coming in low at $18 which is the maximum he was going to offer tomorrow. As a shareholder, I don't mind waiting another month for an offer at $20+.
Sentiment: Strong Buy