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Stock to Focus on this Week: Best Buy

Stock markets in the U.S. are going to inspire investors and traders with even better results this week

Stock markets in the U.S. are going to inspire investors and traders with even better results this week and there are a couple of macro factors allowing us to forecast a positive momentum: slowdown in new COVID cases, growing possibility of a rapid economic revival in the second quarter, and anticipation of additional stimulus aid.

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Such positive background and new establishments drove substantial gains in some of the largest stocks last week, as well as fueled new highs in equities that are closely related with the economic reopening, for instance, energy and financials. The positive mood also influenced some banks that were eager to improve their economic forecasts. 

Thus, Goldman Sachs increased its first quarter expansion forecasts to more than 6%. Morgan Stanley boosted its projections to 7.5%, after calculating growing gains in retail sales for January. 

So, as top investors and traders keep an eye on these macro developments, below we will focus on a stock which would definitely see price movement as their latest earnings releases are shared:

Best Buy

Consumer electronics retailer and technology chain, Best Buy (NYSE:BBY) is going to share its Q4 earnings this Thursday, Feb. 25th before the market opens. The Minnesota headquartered retailer is forecasted to report $3.45 per share profit and $17.12 billion in revenue, based on some experts’ predictions.

Best Buy’s shares have boosted around 30% during the past 12 months, as the company keeps taking advantage of Americans obsessed with household improvements during the continuous work-from-home mode that may even become permanent for some workers. The BBY stock closed trading on Friday at $118.

Best Buy’s sales from websites and stores per the last 12 months boosted 23% in the quarter ended Oct. 31st. The biggest revenue was received via online orders, which tripled in the U.S. in the last quarter.

In order to keep showing the same results and thrive towards achieving new records, Best Buy has to demonstrate that its e-commerce channels could rapidly revive from the last quarter losses when COVID cases soared, making numerous states to enforce lockdowns.

 

 

 

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