Nvidia and Best Buy rise premarket; Dollar Tree and Snowflake fall
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- Wall Street stocks fall as weak GDP growth spreads rate-cut gloom
- Q1 US GDP shows surprise slowing and uncomfortable inflation
- Alphabet (GOOGL) soars 16% on Q1 results beat, first-ever dividend
- Meta shares dip on softer Q2 revenue guidance, elevated AI spending plans
- Oil settles higher as weak U.S. economic growth offset by supply concerns
- IBM tumbles on soft Q1 revenue; announces HashiCorp $6.4bn acquisition
- Hasbro (HAS) brand strength sees earnings top expectations
- Meta Platforms (META) Tops Q1 EPS by 39c, Offers Guidance
- Seagate Technology (STX) Enters $600M Asset Purchase Agreement with Avago
- Rubrik (RBRK) Prices Upsized 23.5M Share IPO at $32/sh
- After-hours movers: Alphabet, Microsoft, Snap, Intel, and more
- Midday movers: Meta, IBM, Caterpillar fall; Chipotle rises
- After-hours movers: Meta, Ford, IBM, ServiceNow and more
- Midday movers: Tesla, Boeing rise; Uber, Old Dominion Freight fall
- After-hours movers: Tesla, Texas Instruments, Seagate, Visa and more
Best Buy (BBY) PT Lowered to $75 at Credit Suisse, '2H Hail Mary?'
May 25, 2023 4:27 PM EDTCredit Suisse analyst Karen Short lowered the price target on Best Buy (NYSE: BBY) to $75.00 (from $85.00) while maintaining a Neutral rating.
The analyst comments "BBYs 1Q results demonstrates the companys ability to manage the business despite a very challenging environment for CE. That said, QTD trends are softer than expected BBY guided 2Q comps/EBIT margins down -6-8%/~3.0% below FactSet Consensus of down -5%/3.6%, meaning the 2H trends need to materially accelerate which is risky given the weak consumer environment and the potential for... More
