28 stories mentioning BBYUpdated 17d ago
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Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) increasing 0.3% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.2%.In corporate news, Best Buy (BBY) shares fell past 5% after it said Wednesday that Corie Barry will step down as chief executive, with insider Jason Bonfig set to succeed her.
Best Buy (BBY) said Wednesday that Corie Barry will step down as chief executive of the electronics retailer, with insider Jason Bonfig set to succeed her.Chief Customer, Product and Fulfillment Officer Bonfig is set to replace Barry, who will continue with Best Buy as an adviser for six months after stepping down as CEO at the end of October.Bonfig, who joined the company in 1999 as an inventory analyst, oversees areas including merchandising, ecommerce, marketing and supply chain. He's also in charge of Best Buy Canada and the company's retail media network."We are confident that Jason is the right leader to accelerate the business, with urgency and innovative ideas, and create meaningful growth for the company and its shareholders," Chairman David Kenny said in a statement.Barry has served in the top role at Best Buy since 2019.Shares of the company declined 5.1% in Wednesday trade.In March, Best Buy reported fiscal 2026 earnings growth to $6.43 per share from $6.37 a year earlier. Revenue for the year ended Jan. 31 increased to $41.69 billion from $41.53 billion amid comparable sales turning positive year over year.Price: $63.31, Change: $-3.29, Percent Change: -4.93%
CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:BBY shares are down today on company news of CEO succession. Corie Barry, current and long-standing CEO, will step down in October as CEO and member of the Board. Her replacement is Jason Bonfig, currently Chief Customer, Product, and Fulfillment Officer. We think Bonfig has experience across all the key areas of the business, including merchandising, e-commerce, marketing, supply chain, and other areas. The share price has not recovered since its 52-week high of $85 in October 2025, which we think is related to the changing competitive landscape and AI memory chip shortages impacting the consumer electronics offered. Major PC vendors have confirmed 15%-20% price increases, while smartphone prices are expected to rise high single digits. BBY has limited mitigation levers, given it can't source from alternative suppliers, could not easily pass through costs without triggering demand destruction, and absorbing costs hurts margins. We will get the latest update on market trends when BBY releases earnings in May.
(Updates with Amazon's and Walmart's responses to requests for comment.)California Attorney General Rob Bonta on Monday publicly released evidence as part of an ongoing case against Amazon (AMZN) that he said shows the online retail giant, vendors and competing companies, like Target (TGT), Walmart (WMT), Chewy (CHWY), Best Buy (BBY) and Home Depot (HD), colluded to increase retail prices across their platforms."The evidence we've uncovered is clear as day: Amazon is working to make your life more unaffordable. The company is price fixing, colluding with vendors and other retailers to raise costs for Americans beyond what the market requires -- beyond what is fair," Bonta said in a statement."The Attorney General's motion is a transparent attempt to distract from the weakness of its case, coming more than three years after filing its complaint and based on supposedly 'new' evidence it has had for years," an Amazon spokesperson said in an emailed statement to. "Amazon is consistently identified as America's lowest-priced online retailer, and we're proud of the low prices customers find when shopping in our store. Amazon looks forward to responding in court at the appropriate time.""We do not comment on litigation in which we are not a party," a Walmart spokesperson said in an emailed statement to. "We will always work hard on behalf of our customers to keep our prices low."Target, Chewy, Best Buy and Home Depot didn't immediately reply to requests for comment from.Price: $247.75, Change: $-2.81, Percent Change: -1.12%
California Attorney General Rob Bonta on Monday publicly released evidence he said shows Amazon (AMZN), vendors and competing companies, like Target (TGT), Walmart (WMT), Chewy (CHWY), Best Buy (BBY) and Home Depot (HD), colluded to increase retail prices across their platforms."The evidence we've uncovered is clear as day: Amazon is working to make your life more unaffordable. The company is price fixing, colluding with vendors and other retailers to raise costs for Americans beyond what the market requires -- beyond what is fair," Bonta said in a statement.None of the companies immediately replied to requests for comment from.Price: $247.68, Change: $-2.88, Percent Change: -1.15%
Best Buy (BBY) shares were down 2.4% in afternoon trading on Monday after Goldman Sachs downgraded the company's stock to sell from buy and lowered the price target to $59 from $76.Trading volume stood at more than 3.1 million shares against a daily average of about 4.7 million.Price: $60.74, Change: $-1.64, Percent Change: -2.62%
US equity futures were lower pre-bell on Monday after President Donald Trump ordered a blockade of the Strait of Hormuz following the failure of US and Iran to reach an agreement in peace talks in Islamabad.Dow Jones Industrial Average futures were 1% lower, S&P 500 futures were down 0.6%, and Nasdaq futures were 0.6% lower."Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ships trying to enter, or leave, the Strait of Hormuz," Trump said in a post on Truth Social on Sunday.Trump said that an agreement was not reached due to Iran's unwillingness to give up its nuclear ambitions, while Iran said the US had made unreasonable demands.Oil prices were higher, with front-month global benchmark North Sea Brent crude up 7.4% at $102.26 per barrel and US West Texas Intermediate crude 7.8% higher at $104.11 per barrel.Existing Home Sales, scheduled for release at 10 am ET, are seen declining 0.8% for March after an increase of 1.7% in the prior month, according to estimates compiled by Bloomberg.In other world markets, Japan's Nikkei closed 0.7% lower, Hong Kong's Hang Seng ended 0.9% lower, and China's Shanghai Composite finished 0.1% higher. Meanwhile, the UK's FTSE 100 was down 0.4%, and Germany's DAX index was lower by 1.2% in Europe's early afternoon session.In equities, a number of energy firms saw stock gains as oil prices once again breached the $100 mark. Exxon Mobil (XOM) shares gained 1.6%, ConocoPhillips (COP) shares increased 2%, and Equinor (EQNR) stock rose 2.2%.On the losing side, Best Buy (BBY) stock fell 4.5% after the company's stock was downgraded by Goldman Sachs to sell from buy.
Best Buy (BBY) has an average rating of hold and mean price target of $73.16, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)
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