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Will Best Buy survive the recession? |
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| Dec 17, 2008 04:10 PM UTC |
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Tracked Blogger
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Via BloggingStocks:
Filed under: Earnings reports, Newsletters, Best Buy (BBY), Goldman Sachs Group (GS), Stocks to Buy  Sometimes up is down and down is up -- at least that is what is seems these days in the stock market.
Yesterday, Best Buy (NYSE: BBY) and Goldman Sachs (NYSE: GS) reported weak results in their recently completed quarters. Best Buy managed to beat analyst's expectations and actually turn a profit for its quarter, while Goldman reported a larger-than-expected loss. So what is the reaction in the market? Up, of course. Shares of BBY closed up almost 18%, and GS finished the day up more than 14%. Electronics retailer Best Buy said profit fell to $52 million, or 13 cents per share, in the third quarter, down 77% from a year ago when the company earned $228 million, or 53 cents per share. The company stated it would have reported earnings of 35 cents per share had in not been for a charge related to a decline in market value of its 2.9% stake in U.K. company Carphone Warehouse Group PLC. Continue reading Will Best Buy survive the recession? Will Best Buy survive the recession? originally appeared on BloggingStocks on Wed, 17 Dec 2008 11:10:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments
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