Why Best Buy Stock Is Down Today
Portfolio Pulse from Ryan Gustafson
Best Buy Co., Inc. (NYSE:BBY) shares are trading lower amid weakness in the retail sector, in sympathy with Macy's (NYSE:M) and Dick's (NYSE:DKS), which dropped following their quarterly earning reports. Macy's reported better than expected earnings and sales, but sales fell 8.39% from the same period last year. Dick's missed earnings and sales estimates and lowered its full-year 2023 earnings per share guidance. Best Buy is set to report second-quarter earnings on Aug. 29.
August 22, 2023 | 6:47 pm
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NEGATIVE IMPACT
Best Buy shares are trading lower due to weakness in the retail sector following Macy's and Dick's quarterly reports. The company is set to report Q2 earnings on Aug. 29.
Best Buy's stock is being affected by the overall weakness in the retail sector, which is reflected in the poor performance of Macy's and Dick's. The upcoming Q2 earnings report could further impact the stock.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
Dick's missed earnings and sales estimates and lowered its full-year 2023 earnings per share guidance.
Dick's missed earnings and sales estimates and also lowered its full-year 2023 EPS guidance, which could negatively impact the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 75
NEGATIVE IMPACT
Macy's reported better than expected earnings and sales, but sales fell 8.39% from the same period last year.
Despite beating estimates, Macy's reported a decline in sales compared to the same period last year, which could negatively impact the stock.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 75