An outside law firm hired by Best Buy after its audit committee found the CEO at the time, Brian Dunn, had violated company policy by entering into a relationship with a female employee, has now resulted in founder and Chairman of the company, Richard Schulze, stepping down from his Chairman position.
The reason for the pressure on Schulze to step down comes from the fact he knew about the relationship and failed to report and deal with it per company policy by reporting it to the audit committee.
While Dunn was found to have an inappropriate relationship with the female employee based upon company policy, the law firm did say there wasn't any misuse of company funds or resources in connection to the relationship, as well as no use of aircraft for the purpose of facilitating the relationship.
Even so, Dunn still received a huge $6.6 million severance package.
Schulze said in a statement, "In December, when the conduct of our then-CEO was brought to my attention, I confronted him with the allegations (which he denied), told him his conduct was totally unacceptable and contrary to Best Buy's policies and everything I, and the company, stand for. I understand and accept the findings of the Audit Committee."
Schulze will remain on through June 13, with a new title of chairman emeritus. That is simply an honorary position given him until he finishes his term.
Hatim Tyabji will replace Schulze. Tyabji is the chairman of Best Buy's audit committee.
After dropping to 3-year lows, Best Buy has rebounded, trading at $19.61, up $0.33, or 1.71 percent, as of 12:00 PM EDT.
Showing posts with label Best Buy. Show all posts
Showing posts with label Best Buy. Show all posts
Monday, May 14, 2012
Monday, January 9, 2012
Best Buy (BBY) (MS) (MSM) (PLCE) (BAX) (BEN) Price Targets Changed
Best Buy Co., Inc. (NYSE: BBY), Morgan Stanley (NYSE: MS), MSC Industrial Direct Co., Inc. (NYSE: MSM), Children’s Place Retail Stores, Inc. (NASDAQ: PLCE), Baxter International Inc. (NYSE: BAX) and Franklin Resources, Inc. (NYSE: BEN) had price targets on them adjusted by analysts.
Morgan Stanley (MS) had its price target lowered by Barclays Capital (NYSE:BCS) from $27.00 to $25.00. They have an “Equal Weight” rating on the company.
MSC Industrial Direct Co., Inc. (NYSE: MSM) had its price target
raised by Barclays Capital from $76.00 to $81.00. They have an “Overweight” rating on the company.
Children’s Place Retail Stores, Inc. (PLCE) had its price target lowered by Barclays Capital from $63.00 to $58.00. They have an “Overweight” rating on the company.
Baxter International Inc. (BAX) had its price target lowered by Barclays Capital from $64.00 to $60.00. They have an “Equal Weight” rating on the company.
Best Buy Co., Inc. (BBY) had its price target lowered by Bank of America (NYSE:BAC) to $22.00. They have a “Buy” rating on the company.
Franklin Resources, Inc. (BEN) had its price target lowered by Barclays Capital from $135.00 to $124.00. They have an “Overweight” rating on the company.
Morgan Stanley (MS) had its price target lowered by Barclays Capital (NYSE:BCS) from $27.00 to $25.00. They have an “Equal Weight” rating on the company.
MSC Industrial Direct Co., Inc. (NYSE: MSM) had its price target
raised by Barclays Capital from $76.00 to $81.00. They have an “Overweight” rating on the company.
Children’s Place Retail Stores, Inc. (PLCE) had its price target lowered by Barclays Capital from $63.00 to $58.00. They have an “Overweight” rating on the company.
Baxter International Inc. (BAX) had its price target lowered by Barclays Capital from $64.00 to $60.00. They have an “Equal Weight” rating on the company.
Best Buy Co., Inc. (BBY) had its price target lowered by Bank of America (NYSE:BAC) to $22.00. They have a “Buy” rating on the company.
Franklin Resources, Inc. (BEN) had its price target lowered by Barclays Capital from $135.00 to $124.00. They have an “Overweight” rating on the company.
Wednesday, December 14, 2011
Best Buy (BBY) (SO) (SR) (ST) (ADTN) (BCSI) Downgraded
Best Buy Co., Inc. (NYSE: BBY), Southern Co. (NYSE: SO), The Standard Register Company (NYSE: SR), Sensata Tech (NYSE: ST), ADTRAN, Inc. (NASDAQ: ADTN) and Blue Coat (NASDAQ: BCSI) were downgraded by analysts.
Southern Co. (SO) was downgraded by Argus from a “Buy” rating to a “Hold” rating.
The Standard Register Company (SR) was downgraded by CJS Securities to a “Market Perform” rating.
Sensata Tech (ST) was downgraded by Barclays Capital from an “Overweight” rating to an “Equal Weight” rating.
ADTRAN, Inc. (ADTN) was downgraded by Raymond James (NYSE:RJF) from a “Buy” rating to a “Market Perform” rating.
Best Buy Co., Inc. (BBY) was downgraded by Deutsche Bank (NYSE:DB) from a “Hold” rating to a “Buy” rating.
Blue Coat (BCSI) was downgraded by Stifel Nicolaus to a “Hold” rating.
Southern Co. (SO) was downgraded by Argus from a “Buy” rating to a “Hold” rating.
The Standard Register Company (SR) was downgraded by CJS Securities to a “Market Perform” rating.
Sensata Tech (ST) was downgraded by Barclays Capital from an “Overweight” rating to an “Equal Weight” rating.
ADTRAN, Inc. (ADTN) was downgraded by Raymond James (NYSE:RJF) from a “Buy” rating to a “Market Perform” rating.
Best Buy Co., Inc. (BBY) was downgraded by Deutsche Bank (NYSE:DB) from a “Hold” rating to a “Buy” rating.
Blue Coat (BCSI) was downgraded by Stifel Nicolaus to a “Hold” rating.
K12 (LRN) (IVN) (IDT) (BBY) (PVA) (FST) Biggest NYSE Losers
K12 Inc. (NYSE:LRN), Ivanhoe Mines Ltd (NYSE:IVN), IDT (NYSE:IDT), Best Buy Co., Inc. (NYSE:BBY), Penn Virginia (NYSE:PVA) and Forest Oil Co. (NYSE:FST) were the biggest losers on the NYSE, Tuesday, December 13.
K12 Inc. (LRN) ended the day down 22.02 percent, closing at $22.45. They traded in a range of $22.43 to $28.45. A total of 4,298,879 shares changed hands.
Ivanhoe Mines Ltd (IVN) ended the day down 21.98 percent, closing at $16.15. They traded in a range of $15.93 to $20.20. A total of 13,968,650 shares changed hands.
IDT (IDT) ended the day down 18.54 percent, closing at $10.72. They traded in a range of $10.70 to $12.75. A total of 484,463 shares changed hands.
Best Buy Co., Inc. (BBY) ended the day down 15.43 percent, closing at $23.74. They traded in a range of $23.64 to $25.66. A total of 27,814,085 shares changed hands.
Penn Virginia (PVA) ended the day down 13.87 percent, closing at $5.09. They traded in a range of $5.06 to $5.87. A total of 932,891 shares changed hands.
Forest Oil Co. (FST) ended the day down 12.87 percent, closing at $14.02. They traded in a range of $13.82 to $16.18. A total of 8,408,845 shares changed hands.
K12 Inc. (LRN) ended the day down 22.02 percent, closing at $22.45. They traded in a range of $22.43 to $28.45. A total of 4,298,879 shares changed hands.
Ivanhoe Mines Ltd (IVN) ended the day down 21.98 percent, closing at $16.15. They traded in a range of $15.93 to $20.20. A total of 13,968,650 shares changed hands.
IDT (IDT) ended the day down 18.54 percent, closing at $10.72. They traded in a range of $10.70 to $12.75. A total of 484,463 shares changed hands.
Best Buy Co., Inc. (BBY) ended the day down 15.43 percent, closing at $23.74. They traded in a range of $23.64 to $25.66. A total of 27,814,085 shares changed hands.
Penn Virginia (PVA) ended the day down 13.87 percent, closing at $5.09. They traded in a range of $5.06 to $5.87. A total of 932,891 shares changed hands.
Forest Oil Co. (FST) ended the day down 12.87 percent, closing at $14.02. They traded in a range of $13.82 to $16.18. A total of 8,408,845 shares changed hands.
Friday, December 9, 2011
Best Buy (BBY) (TROW) (TSU) (TXN) (ALTR) (BAH) Ratings, Price Targets
Best Buy Co., Inc. (BBY), T. Rowe Price (TROW), TIM Participacoes SA (TSU), Texas Instruments (TXN), Altera (ALTR) and Booz Allen Hamilton Holding Co. (BAH) ratings and price targets.
Stifel Nicolaus downgraded T. Rowe Price (TROW) from a “Buy” rating to a “Hold” rating.
Stifel Nicolaus initiated coverage on TIM Participacoes SA (TSU). They placed a “Buy” rating and a price target of $32.00 on the company.
Canaccord Genuity lowered its price target on Texas Instruments (TXN) from $30.00 to $28.00. They have a “Hold” rating on the company.
Piper Jaffray (NYSE:PJC) lowered its price target on Altera (ALTR) to $46.00.
Morgan Stanley (NYSE:MS) reiterated its “Overweight” rating on Booz Allen Hamilton Holding Co. (BAH). They have a price target of $23.00 on the
company.
Jefferies (NYSE:JEF) reiterated its “Buy” rating on Best Buy Co., Inc. (BBY). They have a price target of $27.00 on the company.
Stifel Nicolaus downgraded T. Rowe Price (TROW) from a “Buy” rating to a “Hold” rating.
Stifel Nicolaus initiated coverage on TIM Participacoes SA (TSU). They placed a “Buy” rating and a price target of $32.00 on the company.
Canaccord Genuity lowered its price target on Texas Instruments (TXN) from $30.00 to $28.00. They have a “Hold” rating on the company.
Piper Jaffray (NYSE:PJC) lowered its price target on Altera (ALTR) to $46.00.
Morgan Stanley (NYSE:MS) reiterated its “Overweight” rating on Booz Allen Hamilton Holding Co. (BAH). They have a price target of $23.00 on the
company.
Jefferies (NYSE:JEF) reiterated its “Buy” rating on Best Buy Co., Inc. (BBY). They have a price target of $27.00 on the company.
Monday, October 31, 2011
Best Buy (BBY) (UTL) (VCO) (WSM) (AZO) (BBBY) Get New Coverage
Best Buy Co., Inc. (NYSE: BBY), Unitil Co. (NYSE: UTL), Vina Concha y Toro SA (NYSE: VCO), Williams Sonoma Inc. (NYSE: WSM), AutoZone, Inc. (NYSE: AZO) and Bed Bath & Beyond Inc. (NASDAQ: BBBY) getting new coverage from analysts.
Morgan Stanley (NYSE:MS) initiated coverage on Best Buy Co., Inc. (BBY). They placed an “Equal Weight” rating on the company.
Brean Murray initiated coverage on Unitil Co. (UTL). They placed a “Buy” rating and a price target of $31.00 on the company.
Deutsche Bank (NYSE:DB) initiated coverage on Vina Concha y Toro SA (VCO). They placed a “Buy” rating on the company.
Morgan Stanley (NYSE:MS) initiated coverage on Williams Sonoma Inc. (WSM). They placed an “Equal Weight” rating on the company.
Morgan Stanley initiated coverage on AutoZone, Inc. (AZO). They placed an “Equal Weight” rating on the company.
Morgan Stanley initiated coverage on Bed Bath & Beyond Inc. (BBBY). They placed an “Underweight” rating on the company.
Morgan Stanley (NYSE:MS) initiated coverage on Best Buy Co., Inc. (BBY). They placed an “Equal Weight” rating on the company.
Brean Murray initiated coverage on Unitil Co. (UTL). They placed a “Buy” rating and a price target of $31.00 on the company.
Deutsche Bank (NYSE:DB) initiated coverage on Vina Concha y Toro SA (VCO). They placed a “Buy” rating on the company.
Morgan Stanley (NYSE:MS) initiated coverage on Williams Sonoma Inc. (WSM). They placed an “Equal Weight” rating on the company.
Morgan Stanley initiated coverage on AutoZone, Inc. (AZO). They placed an “Equal Weight” rating on the company.
Morgan Stanley initiated coverage on Bed Bath & Beyond Inc. (BBBY). They placed an “Underweight” rating on the company.
Wednesday, September 7, 2011
Zions (ZION) (BBY) (WHR) (CBSH) (WFC) (CP) Downgraded
Zions Bancorporation (NASDAQ: ZION), Best Buy Co., Inc. (NYSE: BBY), Whirlpool Corporation (NYSE: WHR), Commerce Bancshares, Inc. (NASDAQ: CBSH), Wells Fargo & Co. (NYSE: WFC) and Canadian Pacific Railway Limited (NYSE: CP) were downgraded by analysts.
Zions Bancorporation (ZION) was downgraded by Nomura from a “Buy” rating to a “Neutral” rating.
Best Buy Co., Inc. (BBY) was downgraded by Piper Jaffray (NYSE:PJC) from a “Buy” rating to a “Neutral” rating. They have a price target of $26.00 on the company.
Whirlpool Corporation (WHR) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating. They have a price target of $60.00 on the company.
Commerce Bancshares, Inc. (CBSH) was downgraded by KBW to an “Underperform” rating. They have a price target of $37.00 on the company.
Wells Fargo & Co. (WFC) was downgraded by KBW to a “Market Perform” rating. They have a price target of $25.00 on the company.
Canadian Pacific Railway Limited (CP) was downgraded by Credit Suisse (NYSE:CS) to a “Neutral” rating. They have a price target of $68.00 on the company.
Zions Bancorporation (ZION) was downgraded by Nomura from a “Buy” rating to a “Neutral” rating.
Best Buy Co., Inc. (BBY) was downgraded by Piper Jaffray (NYSE:PJC) from a “Buy” rating to a “Neutral” rating. They have a price target of $26.00 on the company.
Whirlpool Corporation (WHR) was downgraded by Goldman Sachs (NYSE:GS) from a “Buy” rating to a “Neutral” rating. They have a price target of $60.00 on the company.
Commerce Bancshares, Inc. (CBSH) was downgraded by KBW to an “Underperform” rating. They have a price target of $37.00 on the company.
Wells Fargo & Co. (WFC) was downgraded by KBW to a “Market Perform” rating. They have a price target of $25.00 on the company.
Canadian Pacific Railway Limited (CP) was downgraded by Credit Suisse (NYSE:CS) to a “Neutral” rating. They have a price target of $68.00 on the company.
Monday, August 29, 2011
Tiffany (TIF) (BBY) (NCR) (PFE) EPS Estimates Changed
Tiffany (NYSE:TIF), Best Buy (NYSE:BBY), NCR (NYSE:NCR) and Pfizer (NYSE:PFE) EPS estimates adjusted by analysts.
Tiffany (TIF) estimates were raised by Merriman Capital through 2012. They have a "Neutral" rating on the company.
Best Buy (BBY) estimates were cut by Goldman Sachs (NYSE:GS). They have a "Neutral" rating and a price target of $29 on the company.
NCR (NCR) EPS estimates were raised through 2013 at Goldman Sachs. They have a "Buy" rating and price target of $21 on the company.
Pfizer (PFE) EPS estimates were increased by Goldman Sachs through 2015. They have a "Buy" rating and a price target of $22 on the company.
Tiffany (TIF) estimates were raised by Merriman Capital through 2012. They have a "Neutral" rating on the company.
Best Buy (BBY) estimates were cut by Goldman Sachs (NYSE:GS). They have a "Neutral" rating and a price target of $29 on the company.
NCR (NCR) EPS estimates were raised through 2013 at Goldman Sachs. They have a "Buy" rating and price target of $21 on the company.
Pfizer (PFE) EPS estimates were increased by Goldman Sachs through 2015. They have a "Buy" rating and a price target of $22 on the company.
Tuesday, August 16, 2011
Lowe’s (LOW) (BBY) (CHS) (HD) (PSUN) (TSCO) (TWC) Price Targets Changed
Lowe’s (NYSE: LOW), Best Buy Co., Inc. (NYSE: BBY), Chico’s (NYSE: CHS), Home Depot (NYSE: HD), Pacific Sunwear of California, Inc. (NASDAQ: PSUN), Tractor Supply Co. (NASDAQ: TSCO) and Time Warner Cable (NYSE: TWC) price targets adjusted by analysts.
Lowe’s (LOW) had its price target lowered by Barclays Capital from $26.00 to $23.00. They have an “Equal Weight” rating on the company.
Best Buy Co., Inc. (BBY) had its price target lowered by Barclays Capital from $32.00 to $27.00. They have an “Equal Weight” rating on the company.
Chico’s (CHS) had its price target lowered by Barclays Capital from $16.00 to $13.00. They have an “Equal Weight” rating on the company.
Home Depot (HD) had its price target lowered by Barclays Capital from $41.00 to $34.00. They have an “Overweight” rating on the company.
Pacific Sunwear of California, Inc. (PSUN) had its price target lowered by Barclays Capital from $4.00 to $2.00. They have an “Equal Weight” rating on the company.
Tractor Supply Co. (TSCO) had its price target lowered by Barclays Capital from $78.00 to $69.00. They have an “Overweight” rating on the company.
Time Warner Cable (TWC) had its price target lowered by Wunderlich from $80.00 to $75.00. They have a “Hold” rating on the company.
Lowe’s (LOW) had its price target lowered by Barclays Capital from $26.00 to $23.00. They have an “Equal Weight” rating on the company.
Best Buy Co., Inc. (BBY) had its price target lowered by Barclays Capital from $32.00 to $27.00. They have an “Equal Weight” rating on the company.
Chico’s (CHS) had its price target lowered by Barclays Capital from $16.00 to $13.00. They have an “Equal Weight” rating on the company.
Home Depot (HD) had its price target lowered by Barclays Capital from $41.00 to $34.00. They have an “Overweight” rating on the company.
Pacific Sunwear of California, Inc. (PSUN) had its price target lowered by Barclays Capital from $4.00 to $2.00. They have an “Equal Weight” rating on the company.
Tractor Supply Co. (TSCO) had its price target lowered by Barclays Capital from $78.00 to $69.00. They have an “Overweight” rating on the company.
Time Warner Cable (TWC) had its price target lowered by Wunderlich from $80.00 to $75.00. They have a “Hold” rating on the company.
Wednesday, August 10, 2011
Tesco (TESO) (BBY) (AAP) (HOGS) (LFUS) Price Targets Changed
Tesco Co. (NASDAQ: TESO), Best Buy Co., Inc. (NYSE: BBY), Advance Auto Parts, Inc. (NYSE: AAP), ZHONGPIN INC. (NASDAQ: HOGS) and Littelfuse, Inc. (NASDAQ: LFUS) price targets adjusted by analysts.
Tesco Co. (TESO) had its price target lowered by Dahlman Rose from $26.00 to $23.00. They have a “Buy” rating on the company.
Best Buy Co., Inc. (BBY) had its price target lowered by Citigroup (NYSE:C) to $23.00. They have a “Sell” rating on the company.
Advance Auto Parts, Inc. (AAP) had its price target lowered by UBS AG (NYSE:UBS) from $60.00 to $55.00. They have a “Neutral” rating on the company.
ZHONGPIN INC. (HOGS) had its price target lowered by Maxim Group from $20.00 to $15.00. They have a “Buy” rating on the company.
Littelfuse, Inc. (LFUS) had its price target lowered by Barrington Research from $67.50 to $57.50. They have an “Outperform” rating on the company.
Tesco Co. (TESO) had its price target lowered by Dahlman Rose from $26.00 to $23.00. They have a “Buy” rating on the company.
Best Buy Co., Inc. (BBY) had its price target lowered by Citigroup (NYSE:C) to $23.00. They have a “Sell” rating on the company.
Advance Auto Parts, Inc. (AAP) had its price target lowered by UBS AG (NYSE:UBS) from $60.00 to $55.00. They have a “Neutral” rating on the company.
ZHONGPIN INC. (HOGS) had its price target lowered by Maxim Group from $20.00 to $15.00. They have a “Buy” rating on the company.
Littelfuse, Inc. (LFUS) had its price target lowered by Barrington Research from $67.50 to $57.50. They have an “Outperform” rating on the company.
Thursday, July 7, 2011
Apple (AAPL) (BBY) (GLW) (TLEO) (CNW) Ratings Maintained
Ratings on Apple, Inc (NASDAQ: AAPL), Best Buy Co., Inc. (NYSE: BBY), Corning Inc. (NYSE: GLW), Taleo Corp (NASDAQ: TLEO) and Con-way Inc. (NYSE: CNW) reiterated by analysts.
JPMorgan Chase & Co. (NYSE:JPM) reiterated an “overweight” rating on Taleo Corp (TLEO).
Citigroup (NYSE:C) reiterated a “hold” rating on Corning Inc. (GLW).
JPMorgan Chase & Co. reiterated an “underweight” rating on of Con-way Inc. (CNW).
Sterne Agee reiterated a “buy” rating on Apple, Inc (AAPL).
Deutsche Bank (NYSE:DB) reiterated a “buy” rating on Best Buy Co., Inc. (BBY).
Apple closed Wednesday at $351.76, gaining $2.33, or 0.67 percent. Best Buy Co. ended the session at $32.00, dropping $0.24, or 0.74 percent. Corning closed at $18.24, down $0.07, or 0.38 percent. Taleo closed at $36.96, climbing $0.12, or 0.33 percent. Con-Way closed at $41.87, rising $2.24, or 5.65 percent.
JPMorgan Chase & Co. (NYSE:JPM) reiterated an “overweight” rating on Taleo Corp (TLEO).
Citigroup (NYSE:C) reiterated a “hold” rating on Corning Inc. (GLW).
JPMorgan Chase & Co. reiterated an “underweight” rating on of Con-way Inc. (CNW).
Sterne Agee reiterated a “buy” rating on Apple, Inc (AAPL).
Deutsche Bank (NYSE:DB) reiterated a “buy” rating on Best Buy Co., Inc. (BBY).
Apple closed Wednesday at $351.76, gaining $2.33, or 0.67 percent. Best Buy Co. ended the session at $32.00, dropping $0.24, or 0.74 percent. Corning closed at $18.24, down $0.07, or 0.38 percent. Taleo closed at $36.96, climbing $0.12, or 0.33 percent. Con-Way closed at $41.87, rising $2.24, or 5.65 percent.
Monday, April 4, 2011
JPMorgan (JPM) (BBY) (TIV) (KR) (WAG) Victims of Email Theft
A number of bank and businesses have had their emails and names of customers stolen by hackers, including JPMorgan (NYSE:JPM), Best Buy (NYSE:BBY), TIVO (NASDAQ:TIV)), Kroger (NYSE:KR), Walgreen (NYSE:WAG), Citigroup (NYSE:C), U.S. Bancorp (NYSE:USB), Barclays (NYSE:BCS and Capital One Financial (NYSE:COF).
Epsilon, a division of Alliance Data Systems Corp., was the company which has been apparently hacked, with the probable theft of million in emails of the companies mentioned above, and others.
Other private information wasn't attained, according to Epsilon, but companies have been sending out warnings to their customers to be wary from emails claiming to be from them which ask for personal information which could be used to extract money from their accounts; a tactic called "phishing."
Normally this scheme involves the hackers to set up a site made to look like the site of a bank and then get them to log in using their user name and password, which they then can use to access the account itself.
Epsilon, a division of Alliance Data Systems Corp., was the company which has been apparently hacked, with the probable theft of million in emails of the companies mentioned above, and others.
Other private information wasn't attained, according to Epsilon, but companies have been sending out warnings to their customers to be wary from emails claiming to be from them which ask for personal information which could be used to extract money from their accounts; a tactic called "phishing."
Normally this scheme involves the hackers to set up a site made to look like the site of a bank and then get them to log in using their user name and password, which they then can use to access the account itself.
Tuesday, March 29, 2011
Staples To Sell (RIMM) (MMI) (DELL) Tablets
As a wave of competitors to Apple's (NASDAQ:AAPL) iPad 2 hit the market, Staples (NASDAQ:SPLS) announced they're going to offer a wide range of new tablets, including those from Research in Motion (NASDAQ:RIMM), Dell (NASDAQ:DELL), Samsung, Acer, Toshiba and Motorola Mobility (NYSE:MMI).
The office supply and electronic retailer said they're now taking pre-orders for a variety of tablets now available.
Staples said they have a goal of becoming a major player in the tablet market as the sector grows.
Major retailing competitors of the company like Wal-Mart (NYSE:WMT), Best Buy (NYSE:BBY), Office Depot (NYSE:ODP) and Radio Shack (NYSE:RSH) have already either committed to or are offering tablets too.
The office supply and electronic retailer said they're now taking pre-orders for a variety of tablets now available.
Staples said they have a goal of becoming a major player in the tablet market as the sector grows.
Major retailing competitors of the company like Wal-Mart (NYSE:WMT), Best Buy (NYSE:BBY), Office Depot (NYSE:ODP) and Radio Shack (NYSE:RSH) have already either committed to or are offering tablets too.
Friday, March 25, 2011
Citi (C) Slashes Best Buy (BBY) on Growing Competition
The growing competition faced by electronic retailer Best Buy (NYSE:BBY) has resulted in Citigroup (NYSE:C) downgrading the stock, even has Best Buy gave weak guidance.
Citigroup analyst Kate McShane said, "Mounting pressure from alternative channels will likely continue to pressure pricing. Critically, BBY is struggling to retain market share gains experienced after the bankruptcy of Circuit City, as other retail channels have stepped up CE product assortments and pricing. In particular, significant pressure has come from mass discounters and online retailers given favorable positioning in a commoditizing product channel. Mass discounters are able to capture a greater share of product categories by competing on price, as well as convenience for share of wallet. Furthermore, we have noted a significant increase in the depth & breadth of CE products offered in mass merchant channels, as well as an increased ability to stock new product on shelves earlier in the lifecycle of new technologies (erasing BBY’s relative technological merchandising edge)."
McShane lowered her rating on the stock from "Hold" to "Sell," while slashing her price target to $27 from a prior $36, after the weak outlook for the year.
Best Buy was trading at $28.92, falling $1.21, or 4.02 percent, as of 12:19 PM EDT.
Citigroup analyst Kate McShane said, "Mounting pressure from alternative channels will likely continue to pressure pricing. Critically, BBY is struggling to retain market share gains experienced after the bankruptcy of Circuit City, as other retail channels have stepped up CE product assortments and pricing. In particular, significant pressure has come from mass discounters and online retailers given favorable positioning in a commoditizing product channel. Mass discounters are able to capture a greater share of product categories by competing on price, as well as convenience for share of wallet. Furthermore, we have noted a significant increase in the depth & breadth of CE products offered in mass merchant channels, as well as an increased ability to stock new product on shelves earlier in the lifecycle of new technologies (erasing BBY’s relative technological merchandising edge)."
McShane lowered her rating on the stock from "Hold" to "Sell," while slashing her price target to $27 from a prior $36, after the weak outlook for the year.
Best Buy was trading at $28.92, falling $1.21, or 4.02 percent, as of 12:19 PM EDT.
Best Buy (BBY) Slimming Down to Fighting Size
Best Buy's (NYSE:BBY) net income in the fourth quarter plummeted 16 percent as higher-cost items didn't sell, such as notebook computers and flat-screen TVs.
In response, Best Buy said they're going to focus on growth categories like smartphones and tablet computers, while also opening smaller and leaner stores as part of their future strategy.
Worries about its ability to deal with tanking TV sales combined with a muted outlook for fiscal 2012 to send Best Buy's stock down $1.69, or 5.3 percent, to $30.16 in late day trading.
Fourth-quarter net income fell to $651 million, or $1.62 per share, from $779 million, or $1.82 per share.
Best Buy has been restructuring its international operations, particularly in China, and cutting costs in its U.S. supply chain. Excluding costs for those moves, net income totaled $1.98 per share. That beat the $1.84 analysts expected, according to FactSet.
Revenue edged down 2 percent to $16.26 billion. U.S. revenue fell 4 percent to $12.1 billion, while international revenue rose 4 percent to $4.1 billion.
Best Buy closed Thursday at $30.13, falling $1.72, or 5.40 percent.
Source
In response, Best Buy said they're going to focus on growth categories like smartphones and tablet computers, while also opening smaller and leaner stores as part of their future strategy.
Worries about its ability to deal with tanking TV sales combined with a muted outlook for fiscal 2012 to send Best Buy's stock down $1.69, or 5.3 percent, to $30.16 in late day trading.
Fourth-quarter net income fell to $651 million, or $1.62 per share, from $779 million, or $1.82 per share.
Best Buy has been restructuring its international operations, particularly in China, and cutting costs in its U.S. supply chain. Excluding costs for those moves, net income totaled $1.98 per share. That beat the $1.84 analysts expected, according to FactSet.
Revenue edged down 2 percent to $16.26 billion. U.S. revenue fell 4 percent to $12.1 billion, while international revenue rose 4 percent to $4.1 billion.
Best Buy closed Thursday at $30.13, falling $1.72, or 5.40 percent.
Source
Thursday, March 24, 2011
Amazon.com (AMZN) Raised, Target (TGT), Wal-Mart (WMT) Not
The retail sector has received a boost on the performance of Best Buy (NYSE:BBY) and the slightly better weekly claims data in the U.S., which has resulted in Amazon.com (NASDAQ:AMZN) being upgraded by William Blair & Co. analyst Mark Miller from “Market Perform” to “Outperform.”
Miller said, "We have added confidence that Amazon.com can sustain strong market share gains with its dominant assortment and competitive pricing, even compared with leading mass merchants known for “everyday low prices.” Comparing 20 general merchandise categories with roughly 480 items each at Target (TGT $50.24; Market Perform) and Wal-Mart (WMT $51.64; Market Perform) stores, Amazon.com has 78 times the assortment whereas Target.com has 3.5 times and Walmart.com has 5.6 times the selection of the stores."
Amazon.com was trading at $170.78, gaining $5.46, or 3.30 percent, as of 12:51 PM EDT. Wal-Mart was at $52.67, up $1.03, or 1.99 percent. Target was trading at $50.31, up $0.07, or 0.14 percent.
Miller said, "We have added confidence that Amazon.com can sustain strong market share gains with its dominant assortment and competitive pricing, even compared with leading mass merchants known for “everyday low prices.” Comparing 20 general merchandise categories with roughly 480 items each at Target (TGT $50.24; Market Perform) and Wal-Mart (WMT $51.64; Market Perform) stores, Amazon.com has 78 times the assortment whereas Target.com has 3.5 times and Walmart.com has 5.6 times the selection of the stores."
Amazon.com was trading at $170.78, gaining $5.46, or 3.30 percent, as of 12:51 PM EDT. Wal-Mart was at $52.67, up $1.03, or 1.99 percent. Target was trading at $50.31, up $0.07, or 0.14 percent.
Wednesday, March 23, 2011
Best Buy (BBY) Selling LightSquared Wireless Services
LightSquared, an emerging competitor of Clearwire Corp (NASDAQ:CLWR), said it has entered into a deal with retailer Best Buy (NYSE:BBY) to sell wireless services using its network.
Best Buy and other companies have wanted to be able to sell wireless services under their own brands, something LightSquared can offer with its wholesale wireless services.
LightSquared CEO Sanjiv Ahuja said at the CTIA annual wireless showcase that more deals will be announced in the weeks and months ahead.
"It opens up the wireless industry to new entrants who could never before offer wireless service," Ahuja said.
Terms of the deal with Best Buy weren't disclosed. Tests on the new service will start in the early part of 2012.
Best Buy was trading at $31.61, gaining $0.19, or 0.60 percent, as of 12:53 PM EDT.
Best Buy and other companies have wanted to be able to sell wireless services under their own brands, something LightSquared can offer with its wholesale wireless services.
LightSquared CEO Sanjiv Ahuja said at the CTIA annual wireless showcase that more deals will be announced in the weeks and months ahead.
"It opens up the wireless industry to new entrants who could never before offer wireless service," Ahuja said.
Terms of the deal with Best Buy weren't disclosed. Tests on the new service will start in the early part of 2012.
Best Buy was trading at $31.61, gaining $0.19, or 0.60 percent, as of 12:53 PM EDT.
Tuesday, March 22, 2011
RIM (RIMM) Now Taking Orders on PlayBook
Retailer Best Buy (BBY) announced it'll now be taking orders on Research in Motion's (Nasdaq:RIMM) tablet offering "Playbook," moving the share price up in early trading, although it has pulled back some as the day has gone on.
These are pre-orders being offered, as the BlackBerry PlayBook won't be available in stores until April 19 in the North American market.
Playbooks will be available in "Best Buy stores and Best Buy Mobile stores in the US, as well as Best Buy and Future Shop stores in Canada, on April 19, 2011," said the company.
You can go to the website of Best Buy and click on a link to pre-order the device.
Prices for Playbook are lower than originally put forth, starting off at $499.99 for a 16 gigabyte Wi-Fi model, and runs through $699.99 for the 64GB version. This is similar to the price being asked for for Apple's iPad 2 (NASDAQ:AAPL).
As the sale of Playbook rolls out, RIM said they have close to 20,000 retailers to distribute the tablet in North America.
Research in Motion was trading at $62.29, up $0.12, or 0.19 percent, as of 11:55 AM EDT.
These are pre-orders being offered, as the BlackBerry PlayBook won't be available in stores until April 19 in the North American market.
Playbooks will be available in "Best Buy stores and Best Buy Mobile stores in the US, as well as Best Buy and Future Shop stores in Canada, on April 19, 2011," said the company.
You can go to the website of Best Buy and click on a link to pre-order the device.
Prices for Playbook are lower than originally put forth, starting off at $499.99 for a 16 gigabyte Wi-Fi model, and runs through $699.99 for the 64GB version. This is similar to the price being asked for for Apple's iPad 2 (NASDAQ:AAPL).
As the sale of Playbook rolls out, RIM said they have close to 20,000 retailers to distribute the tablet in North America.
Research in Motion was trading at $62.29, up $0.12, or 0.19 percent, as of 11:55 AM EDT.
Best Buy (BBY) Ready to Rock?
Most investors are aware of the challenges facing Best Buy (NYSE:BBY) from serious competition from Wal-Mart (NYSE:WMT) and Amazon.com (NASDAQ:AMZN), yet the company may be close to a period of breaking out with its earnings, making it a possible good entry point for investors.
Shares of the company have plunged by about 10 percent from its last quarterly report, and its weakness heading into earnings could offer a surprise.
Considering hardware sales remain strong, along with retail sales, and the retailer could surprise nicely to the upside, providing investors with s good earnings play.
Best Buy closed Monday at $31.90, gaining $0.37, or 1.17 percent.
Shares of the company have plunged by about 10 percent from its last quarterly report, and its weakness heading into earnings could offer a surprise.
Considering hardware sales remain strong, along with retail sales, and the retailer could surprise nicely to the upside, providing investors with s good earnings play.
Best Buy closed Monday at $31.90, gaining $0.37, or 1.17 percent.
Thursday, March 17, 2011
Retailers Wal-Mart (WMT) (TGT) (BBY), (HD) (SHLD) Using Government to Attack Amazon (AMZN)
Amazon (NASDAQ:AMZN) is under ferocious attack by competitors like Wal-Mart (NYSE:WMT), Target Corp. (NYSE:TGT), Best Buy (NYSE:BBY), Home Depot (NYSE:HD) and Sears (NYSE:SHLD) who are working with the government in an attempt force the online retailer to collect state taxes even though they don't have a physical presence in a state.
The giant retailer is working within the confines of existing law according to a 1992ruling of the U.S. Supreme Court.
There are two major things happening here. One, is Amazon.com has created a better business model and its competitors know it. They've been battling for years to use the government to force Amazon to collect sales tax in states because of that.
Also involved is the strong affiliate program run by Amazon, which its competitors has been unsuccessfully trying to duplicate for years. They're using the current economic crisis and out-of-control spending by federal and state governments, seeing Amazon is vulnerable at this time.
secondly, it doesn't deal with the issue at all of government spending which swept Republicans into the House in the last election. The people have said they want government to be smaller and limited by their vote, and so far politicians, including most of the Republicans voted in, refuse to take that mandate and deal with the outrageous and unsustainable pet projects and programs they have distributed to people in order to garner votes.
Amazon is just a distraction to make it appear it's somehow their fault that state budget in particular are falling short.
The solution is simple: cut spending. Cut programs. Europe has had to get involved with austerity for the very reason they can't afford it. How hard is that to understand?
We should all support Amazon.com and the attack on its fantastic business model which has helped it become a premiere retailer.
As usual, a group called the Alliance for Main Street Fairness to battle the Amazon monster, and whenever you hear fairness in a name, you can be sure it's a lie, as business is built on competition and offering something better than someone else at a price people are willing to pay.
There's nothing fair about business, it's meant to operate in a competitive atmosphere where the better companies win, which make the consumer a winner.
Amazon.com has done that, and the ferocity of the attack on them by their competitors using the government as a rod against them shows how desperate they are, and reaffirms the business model the company uses. No one should be allowed to take that away from them.
As for politicians, they need to get their act together and cut taxes and spending, not attempt to destroy one of the great businesses created of the last couple of decades.
The giant retailer is working within the confines of existing law according to a 1992ruling of the U.S. Supreme Court.
There are two major things happening here. One, is Amazon.com has created a better business model and its competitors know it. They've been battling for years to use the government to force Amazon to collect sales tax in states because of that.
Also involved is the strong affiliate program run by Amazon, which its competitors has been unsuccessfully trying to duplicate for years. They're using the current economic crisis and out-of-control spending by federal and state governments, seeing Amazon is vulnerable at this time.
secondly, it doesn't deal with the issue at all of government spending which swept Republicans into the House in the last election. The people have said they want government to be smaller and limited by their vote, and so far politicians, including most of the Republicans voted in, refuse to take that mandate and deal with the outrageous and unsustainable pet projects and programs they have distributed to people in order to garner votes.
Amazon is just a distraction to make it appear it's somehow their fault that state budget in particular are falling short.
The solution is simple: cut spending. Cut programs. Europe has had to get involved with austerity for the very reason they can't afford it. How hard is that to understand?
We should all support Amazon.com and the attack on its fantastic business model which has helped it become a premiere retailer.
As usual, a group called the Alliance for Main Street Fairness to battle the Amazon monster, and whenever you hear fairness in a name, you can be sure it's a lie, as business is built on competition and offering something better than someone else at a price people are willing to pay.
There's nothing fair about business, it's meant to operate in a competitive atmosphere where the better companies win, which make the consumer a winner.
Amazon.com has done that, and the ferocity of the attack on them by their competitors using the government as a rod against them shows how desperate they are, and reaffirms the business model the company uses. No one should be allowed to take that away from them.
As for politicians, they need to get their act together and cut taxes and spending, not attempt to destroy one of the great businesses created of the last couple of decades.
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