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Best Buy Poised for In-Line First-Quarter Comparable Sales, Wedbush Says
US Markets

Best Buy Poised for In-Line First-Quarter Comparable Sales, Wedbush Says

Best Buy (BBY) is expected to report in-line comparable sales for the first quarter and issue a conservative outlook amid factors including product shortages and a leadership transition, Wedbush Securities said in a note Friday.The brokerage forecasts 1% same store sales growth at the electronics retailer in the fiscal first quarter, compared with the consensus estimate of 0.9%. It expects April-quarter revenue of $8.82 billion, matching the consensus on FactSet.Best Buy is scheduled to release its quarterly results on Thursday."Apple's (AAPL) record March quarter and MacBook Neo demand point to solid contribution while Logitech delivered an encouraging read on peripherals, citing a resilient premium US consumer, solid tax refund lift and US gaming sales turning positive in February," Wedbush analysts including Matthew McCartney wrote.TVs and appliances, however, likely faced light consumer demand in the first quarter, according to the research note.Investors are expected to focus more on guidance, with Best Buy seen outlining a second-quarter comparable sales outlook just below consensus expectations that call for a 0.3% drop, McCartney said.The expected conservative guide is attributable to a shortage of products including Neo and Mac Mini, as well as the Chief Executive transition, McCartney said. Last year's Switch 2 launch also strengthens the case for a cautious guide.In April, Best Buy said Corie Barry will step down as CEO on Oct. 31, with Chief Customer, Product and Fulfillment Officer Jason Bonfig set to succeed her.The brokerage views the upcoming FIFA World Cup as a tangible catalyst that could boost TV sales in the second quarter, particularly amid the availability of affordable Roku (ROKU) sets."While we remain optimistic on the long-term initiatives, the principal near-term risk in our view are rising memory-cost inflation still flowing through to device pricing across multiple vendors with resulting demand pressure requiring increased promotional depth," McCartney said.Price: $61.65, Change: $+0.50, Percent Change: +0.81%

$AAPL$BBY$ROKU
Take-Two GTA Release Date to Be Investor Focus at Upcoming Earnings Call, Wedbush Says
US Markets

Take-Two GTA Release Date to Be Investor Focus at Upcoming Earnings Call, Wedbush Says

Take-Two Interactive Software's (TTWO) potential update on the "Grand Theft Auto VI" launch date will be a key focus for investors at the video game maker's upcoming earnings call, Wedbush Securities said Friday.The company is scheduled to release its financial results on May 21, with a conference call scheduled on the same day."The call itself is what matters," Wedbush analysts, including Alicia Reese, wrote in a client note. "This is the moment investors will know whether GTA VI is still on track for its Nov. 19 release."In November last year, Take-Two Interactive and its subsidiary, Rockstar, announced a further delay to the game, setting the release date at Nov. 19 this year.In February, the brokerage said there was a 75% probability that Take-Two will launch GTA VI in November, although its Rockstar subsidiary has a history of announcing major delays about six months ahead of the release. "If management doesn't push the date on this call, we move our odds to (greater than 90%) that November holds," Reese wrote on Friday.Wedbush cited a leaked email from electronics retailer Best Buy (BBY) sent to its affiliate marketing partners that pre-orders for GTA VI could go live at any point next week. The exact dates could still change, while Rockstar could push the trailer and pre-order release by a week or two to "retake control of the announcement," the brokerage said."In either scenario, we'd expect a new trailer and pre-order announcement within the month," Reese said.Wedbush estimates Take-Two to report fourth-quarter bookings of $1.56 billion, at the high end of the company's outlook range, with a chance to exceed expectations due to strength in mobile.Wedbush maintained its outperform rating on Take-Two's stock and 12-month price target of $300.Price: $243.19, Change: $+0.78, Percent Change: +0.32%

$BBY$TTWO
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late 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) easing 0.1%.In corporate news, Booking (BKNG) is under investigation for allegedly using deceptive marketing tactics to promote its premium accommodation programs, the Italian Competition Authority said Wednesday. Shares dropped 6.3%.Netflix (NFLX) is in talks to purchase a historic Los Angeles movie studio space for a fragment of its 2021 sale price of $1.85 billion, after the property was repossessed by lenders including Goldman Sachs (GS), Bloomberg reported. Netflix rose 0.8%.Philip Morris International (PM) shares jumped past 6% after it reported Q1 results above market estimates.Best Buy (BBY) shares fell 4.8% after the firm said Corie Barry will step down as chief executive at the end of Q3, with Jason Bonfig, chief customer, product and fulfillment officer, set to succeed her.

$BBY$BKNG$NFLX$PM
Sectors

Sector Update: Consumer Stocks Mixed Wednesday Afternoon

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) 0.1% lower.In corporate news, Philip Morris International (PM) shares jumped past 6% after it reported Q1 results above market estimates.AT&T (T) reported better-than-expected Q1 results on Wednesday, while the telecommunications giant reiterated its full-year earnings outlook. AT&T shares were 0.3% lower.Best Buy (BBY) shares fell 4.8% after the firm said Corie Barry will step down as chief executive at the end of Q3, with Jason Bonfig, chief customer, product and fulfillment officer, set to succeed her.

$BBY$PM$T
Sectors

Sector Update: Consumer

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.

$BBY
US Markets

Best Buy CEO Corie Barry to Step Down; Retailer Names Insider as Successor

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%

$BBY
Research

Research Alert: Best Buy Announces Ceo Succession Plans

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.

$BBY
Wire

Update: California AG Unseals Evidence of Amazon's Alleged Price Fixing

(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%

$AMZN$BBY$CHWY$HD$LEVI$WMT
Wire

California AG Unseals Evidence of Amazon's Alleged Price Fixing

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%

$AMZN$BBY$CHWY$HD$LEVI$WMT
Wire

Best Buy Shares Drop After Downgrade From Goldman Sachs

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%

$BBY
Asia Markets

US Equity Futures Decline Pre-Bell as Trump Orders US Blockade of Strait of Hormuz After Talks With Iran Fail

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.

Dow JonesNasdaq CompositeS&P 500$BBY$COP$EQNR$XOM
Research

Goldman Sachs Downgrades Best Buy to Sell From Buy, Adjusts Price Target to $59 From $76

Best Buy (BBY) has an average rating of hold and mean price target of $73.16, according to analysts polled by FactSet.

$BBY

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