After posting a new 52-week low of $25.31 early Friday morning, shares of Best Buy Co. Inc. (NYSE: BBY) closed the day up nearly 2.6% and added another 0.9% in the after-hours session. Sounds like some traders think the stock was oversold.
Shares closed at $30.13 on Tuesday, and then on Wednesday after the markets closed Best Buy reported that U.S. same-store sales fell 1.4% during the holiday season. The company also noted that it anticipates a revenue decline of 4%, a decline in operating income, and a one to three cent decline in year-over-year adjusted diluted earnings per share. Shares took a two-day, 16% plunge to the new low.
But Best Buy hasn’t given up on promotions and has sale prices that end Saturday on several laptops. One is a 13.3-inch touch-screen Lenovo Yoga 3 Pro-2 with an Intel core M processor, 8 gigabytes (GB) of memory, and a 256 GB solid state drive (80-HE011WUS) for $699.99, a savings of $300 from the original price of $999.99. Customers can save an additional $175 on the same model in an open-box deal. Standard shipping is free too.
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A Toshiba model on sale Saturday is a 15.6-inch touch-screen laptop with an Intel Core i7 processor, 8 GB of memory, and a 1 terabyte hard drive (P55W-C5314) for $779.99, a savings of $120 from the regular price of $899.99. Free expedited shipping is included, but there is no open-box offer for this item.
Best Buy stock closed at Friday at $27.11 after posting the new 52-week low. The 52-week high is $42.00, and the analysts’ consensus price target is $36.94.
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