Best Buy Shares: Time to Buy
Today is all about Best Buy Co., Inc. (NYSE:BBY) as it shares are helping lift the major indexes into positive terrority and there's good reason to believe the trend could continue for BBY shareholders.
Best Buy (BBY) shares are trading at $37.19 today, screaming up 7.33% or $2.54 and volume is currently 14,465,525 shares traded. Finally a glimmer of hope for the American consumer as Best Buy reported today that Q2 profit jumped 60% on reduced costs and strong sales of mobile phones, appliances and tablet computers.
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BBY posted net income of $254 million, or 60 cents per share, for the quarter ended Aug. 28. That's up from $158 million, or 37 cents per share, for the comparable period last year. Over the past 12 months Best BUY Co Inc (BBY) shares have traded between $30.90 and its 52-week high of $48.83. Best BUY Co Inc shares are now trading with a P/E Ratio of 11 and EPS of 3.09 and are have increased 16.91% from its 52-week low -- thus there's room for growth at these levels.
Best Buy international sales increased 6 percent to $2.9 billion, driven by a 4 percent rise in same-store sales. The company's profit margins increased due to strong profits at its Best Buy Mobile stores and reduced promotional and loyalty program costs.
Best Buy increased its earnings guidance for full-year fiscal 2011 by a dime to a range of $3.55 to $3.70 per share.
Bottom line -- it's time to go long Best Buy