BBY Stock Recent News

Kevin Horner returns with this week's Technical Tuesday, where he breaks down technical trends in charts of interest. For the S&P 500 (SPX), he's interested in how the index has consolidated since the Fed's rate cut, and whether levels can continue pushing to the upside.

Best Buy (BBY) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term.

Here is how Best Buy (BBY) and Nordstrom (JWN) have performed compared to their sector so far this year.

Best Buy has experienced a strong price appreciation despite headwinds, with the stock up nearly 40% over the past year. The company's dividend safety is a concern, with a payout ratio over 100% due to declining cash flows. Best Buy's FY24 outlook is positive, with raised revenue and EPS guidance, but cash flow and comparable sales declines remain concerns.

Gina Sanchez, Lido Advisors chief market strategist, joins CNBC's 'The Exchange' to discuss these stocks: Goldman Sachs, Caterpillar, D.R. Horton, Best Buy.

Buy Best Co. Inc. NYSE: BBY is a leading big-box retailer of consumer electronics products and services. The company's physical stores average 36,800 square feet, which has actually been shrinking.

Best Buy (BBY, Financial) experienced a 1.36% drop in its stock price, reaching $99.97 per share with a trading volume of 795,462 shares and a turnover rate of 0.37%. The stock's volatility was recorded at 1.38%.

Balfour Beatty plc (LSE:BBY) has offered to help any of its supply chain subcontractors hit by the collapse of ISG, the construction company and UK government contractor that called in administrators last week. The construction and engineering giant made a move to offer support for cashflow pressures, to prevent any shockwaves from the failure of ISG to affect its own business and projects, according to a report in Construction Enquirer.

Best Buy's Q2 earnings exceeded expectations, boosting shares by nearly 30% YTD, but the sustainability of this rally is uncertain. Upgrading Best Buy to neutral, but still recommending that investors remain on the sidelines. Risks include declining same-store sales in other electronics, potentially unsustainable dividends, and margin pressures from deal-oriented consumers.

Converting to Sealed Air helps company use more recycled content in packaging materials CHARLOTTE, N.C. , Sept. 4, 2024 /PRNewswire/ -- Sealed Air (NYSE: SEE) is helping Best Buy (NYSE: BBY) through the introduction of packaging solutions that allow the company to use more recycled packaging content for shipping Best Buy products to consumers across North America.