65.82 0.00 (0.00%)
After hours: 4:30PM EDT
|Bid||65.70 x 800|
|Ask||65.71 x 800|
|Day's Range||64.41 - 69.88|
|52 Week Range||47.72 - 84.37|
|Beta (3Y Monthly)||1.41|
|PE Ratio (TTM)||12.66|
|Forward Dividend & Yield||2.00 (2.69%)|
|1y Target Est||N/A|
U.S. stocks slid Thursday as further signs of a protracted trade war between the U.S. and China weighed on risk assets.
The United States increased tariffs on $200 billion in Chinese imports to 25% from 10% last week. U.S. President Donald Trump has also threatened an additional round of tariffs on $300 billion that would cover nearly everything imported from China to the United States. BEST BUY CO INC: "The impact of tariffs at 25% (proposed to be enacted) will result in price increases and will be felt by U.S. consumers," CEO Hubert Joly said.
Consumer electronics retailer Best Buy on Thursday beat Wall Street's expectations for earnings in its fiscal first quarter on in-line sales, but trade woes sent the company's shares down.
U.S. stocks ended a tumultuous session with sharp losses on Thursday after Wall Street dawned on the possibility that a prolonged U.S.-China trade spat may be a more likely outcome than a near-term truce. The S&P 500 fell 1.2% to finish around 2,822. The Dow Jones Industrial Average shed 286 points ,or 1.1%, to end around 25,490, based on preliminary numbers. The Nasdaq Composite slipped 1.6% to finish near 7,628. Key equity benchmarks pared declines toward the end of the session. Appetite for risk assets soured after analysts said a trade war may no longer be a tail risk and instead the baseline scenario. The stock-market jitters aided the bond-market's rally, with the 10-year Treasury yield fell to around 2.30%, its lowest level since Oct. 2017. Debt prices move in the opposite direction of yields. Prices for West Texas Intermediate oil fell 5.7% to $57.91 a barrel, marking its biggest drop for the year. Shares of Best Buy Co. slumped 4.8% after the retailer issued an anemic outlook for the full year of 2019, even though its earnings beat analyst expectations.
The consumer electronics retailer's commentary on the impact of tariffs overshadowed its better-than-expected profit in the first quarter and solid second-quarter forecast. "The impact of tariffs at 25% (proposed to be enacted) will result in price increases and will be felt by U.S. consumers," outgoing Chief Executive Officer Hubert Joly said in a conference call with analysts. The world's largest retailer Walmart Inc last week warned that its prices would increase due to higher tariffs, while Macy's Inc said higher levies were already hurting its furniture business.
The retailer's overall same-store sales rose 1.1%, compared with Wall Street estimates of 0.9%. While Best Buy's stock has mostly performed well over the years, any individual stock can over- or underperform , and past returns do not predict future results . Total revenue rose slightly to $9.14 billion, but came in below analysts' estimates, and some industry experts fear that the possibility of additional tariffs could hurt sales .
Why Best Buy Stock Fell despite Strong Q1 EarningsFirst-quarter resultsBest Buy (BBY) reported better-than-expected earnings for the first quarter of fiscal 2020, which ended on May 4. Still, the stock was down 5.7% as of 2:12 PM today as the
Shares of Best Buy Co. Inc. are down Thursday after the retailer reported a better-than-expected first quarter — but held off on raising its outlook for the full year, citing potential fallout from the United States' simmering trade dispute with China.
WASHINGTON/BEIJING, May 23 (Reuters) - The United States and China had a heated exchange on Thursday, with U.S. Secretary of State Mike Pompeo accusing Chinese telecom giant Huawei Technologies of lying about its ties to the government and Beijing saying Washington must end its "wrong actions" if it wanted trade talks to continue. U.S. tech stocks were the hardest hit in an overall sharp global market drop on Thursday in signs the conflict between the world's two biggest economies was being seen as a battle not just over trade but also about who controls global technology. Citing national security concerns, Washington last week effectively banned U.S. firms from doing business with Huawei, the world's largest telecoms network gear maker, taking the stakes to a different level days after negotiators appeared to be making headway on trade.
Check out the companies making headlines midday Thursday:L Brands LB — L Brands surged 12.8% after the parent company of Victoria's Secret and Bath & Body Works reported first-quarter earnings that surpassed expectations .
What should investors take away from Best Buy and L Brands earnings' reports? Jim Cramer rounds up retail and looks ahead to Foot Locker's earnings' report Friday before the bell.
Best Buy reported strong first quarter financial results, but the escalating trade war with China could begin to take a toll.
Best Buy's outgoing CEO warned Thursday that U.S. shoppers will likely see prices rise if the next round of tariffs on Chinese goods happens. CEO Hubert Joly said the electronics chain has been able to avoid price hikes on most of its products with a few exceptions, like washing machines. Joly said that he is working directly with the Trump administration to minimize the impact new tariffs could have on U.S. shoppers, and plans to continue to do so when he steps down as CEO next month and becomes executive chairman of the company's board.
Amid a season mired in disappointing results experienced across the retail landscape that has spared but a precious few, Best Buy reported adjusted EPS of $1.02, a very solid beat on revenue of $9.14 billion. This was the last quarterly earnings report that the firm would release under outgoing CEO Hubert Joly, who by the way, rightfully gets much of the credit for turning this firm around during his tenure. It was left up to CFO Corie Barry, who will take over as CEO on June 11th to provide guidance... on earnings, on sales, on China.
China tariffs are unnerving financial markets. Now, the matter is starting to become even more real and discussed by companies' management.
Shares of electronics retailer Best Buy fell as the company’s latest quarterly results highlighted how tension over trade is hurting its performance.
Anthony Chukumba of Loop Capital breaks down Best Buy's earnings beat and what it means for the company with CNBC's "Power Lunch" team.
Brian Nagel, Oppenheimer director of research, joins "The Exchange" to discuss Best Buy's quarterly earnings.