Mark Galasiewski, chief equity analyst for Elliott Wave, says the impact of the coronavirus on Chinese stocks has created attractive prices for investors.
Best Buy reported better-than-expected fourth-quarter results and said that any disruptions caused by the coronavirus will be temporary, sending shares higher.
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| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BBY | BEST BUY | 82.18 | +0.29 | +0.35% |
The Richfield, Minnesota-based electronics retailer reported its fourth-quarter profit rose 1.4 percent to $745 million, or $2.84 a share. Adjusted earnings of $2.90 a share and revenue of $15.2 billion, a 2.7 percent increase, were both better than anticipated.
Domestic comparable sales climbed 3.4 percent from a year ago while domestic comparable online sales jumped 18.7 percent to $3.52 billion. Overall, same-store sales were up 3.2 percent, outpacing an expected gain of 1.9 percent.
“We offered compelling holiday deals that resonated with customers and provided a seamless shopping experience, great inventory availability and fast and free delivery,” CEO Corie Barry said in a statement.
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