Best Buy (BBY) stock jumps on Q3 beat, raised guidance

Best Buy, Abercrombie, Urban Outfitters rise premarket; Dollar Tree, Zoom fall

November 22, 2022 8:21 AM EST

By Peter Nurse

Investing.com -- Stocks in focus in premarket trade on Tuesday, November 22nd. Please refresh for updates.

Best Buy (NYSE: BBY) stock soared 7.3% after the retailer forecast a smaller-than-expected drop... More

Dow futures edge 35 pts higher; Fed speakers, retail earnings in focus

November 22, 2022 7:29 AM EST

By Peter Nurse 

Investing.com -- U.S. stocks are seen opening largely unchanged, with investors digesting the possibility of China reinstating strict pandemic restrictions ahead of the appearance of more Fed speakers and retail earnings.

At 07:00 ET (12:00 GMT), the Dow Futures contract was up 35 points or 0.1%, S&P 500 Futures traded 4 points or 0.1% higher, and Nasdaq 100 Futures dropped 4 points or 0.1%.

The main stock indices closed lower on Monday, after China reported its first COVID-related death since May, raising fears that the country will have to... More

Covid spreads in China, Zoom earnings, Genesis troubles – what’s moving markets

November 22, 2022 7:28 AM EST

By Geoffrey Smith

Investing.com Chinas Covid case count skyrocketed toward levels last seen in April, with Guangzhou and Chongqing the new hotspots. The Fed and the ECB are set for interest rate hikes of only 50 basis points at their next meetings, officials indicate. Zoom Video slides in premarket after giving some disappointing guidance for the current quarter. Troubled crypto brokerage Genesis is struggling to bridge a $1 billion liquidity shortfall, and oil whipsaws as two big Gulf producers pooh-pooh the idea of an output increase. Heres what you need to know in financial markets on Tuesday,... More

Best Buy forecasts smaller drop in sales ahead of holiday season

November 22, 2022 7:24 AM EST

By Uday Sampath Kumar

(Reuters) -Best Buy Co Inc on Tuesday forecast a smaller drop in annual sales than it had previously estimated, saying it was confident that a ramp up in deals and discounts will bring in more inflation-weary customers during the holiday season.

The retailer's shares rose 11.6% to $79.06, after it also beat quarterly profit estimates and said it had resumed its share buyback program.

Surging prices have driven down demand for non-essential products... More

Best Buy (BBY) Tops Q3 EPS by 35c

November 22, 2022 7:01 AM EST

Best Buy (NYSE: BBY) reported Q3 EPS of $1.38, $0.35 better than the analyst estimate of $1.03. Revenue for the quarter came in at $10.59 billion versus the consensus estimate of $10.32 billion.

FY23 Financial Guidance:

We are updating our FY23 outlook to flow through our... More