This Retailer is Seeing Big Upside from Apple (AAPL) iPad Sales...
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Apple (Nasdaq: AAPL) isn't the only company benefiting from the launch of its new iPad tablet device.
Retailer Best Buy (NYSE: BBY), bogged down for the latter half of 2011 on speculation the company would need to consolidate its brick-and-mortar operations in order to meet the intense competition from e-Commerce giants like Amazon.com (Nasdaq: AMZN), eBay (Nasdaq: EBAY), and, to a lesser extent, Overstock.com (Nasdaq: OSTK), is having a great couple of weeks.
Since shares closed just below $24 on March 15th, the price has moved about 17 percent higher to $28 following the release of Apple's iPad. Following its first sales weekend, Apple said it sold three million of the devices, though it didn't specify which retailers sold the most. The launch was far better than the previous two, indicating demand for the iPad is still robust.
Whether or not momentum will continue for Best Buy is yet to be seen. Monday, shares are off about 1.3 percent.
It should be noted a one-year chart shows Best Buy either seeing support or resistance at the $28 price level.
Other retailers like Target (NYSE: TGT), Wal-mart (NYSE: WMT), and RadioShack (NYSE: RSH) aren't claiming the same stock price movement over the same period.
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Retailer Best Buy (NYSE: BBY), bogged down for the latter half of 2011 on speculation the company would need to consolidate its brick-and-mortar operations in order to meet the intense competition from e-Commerce giants like Amazon.com (Nasdaq: AMZN), eBay (Nasdaq: EBAY), and, to a lesser extent, Overstock.com (Nasdaq: OSTK), is having a great couple of weeks.
Since shares closed just below $24 on March 15th, the price has moved about 17 percent higher to $28 following the release of Apple's iPad. Following its first sales weekend, Apple said it sold three million of the devices, though it didn't specify which retailers sold the most. The launch was far better than the previous two, indicating demand for the iPad is still robust.
Whether or not momentum will continue for Best Buy is yet to be seen. Monday, shares are off about 1.3 percent.
It should be noted a one-year chart shows Best Buy either seeing support or resistance at the $28 price level.
Other retailers like Target (NYSE: TGT), Wal-mart (NYSE: WMT), and RadioShack (NYSE: RSH) aren't claiming the same stock price movement over the same period.
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