Best Buy beat Wall Street’s fourth-quarter earnings and revenue estimates as the company’s computing and phone sales increased.
Best Buy’s ( NYSE: BBY) fourth quarter results were better than Wall Street forecasted and the outlook for FY26 was within expectations, but the slowing momentum from a year ago coupled with very modest comparable sales growth weighed on shares and set up the stock to trade lower for a second day.
Construction spending, monthly percent change, seasonally adjusted: Aug. 0.9 Sept. -0.9 Wall Street expects that Best Buy closed out the final quarter of its last fiscal year on a downbeat note. Analysts predict the nation’s largest consumer electronics chain will report on Tuesday that its fourth-quarter earnings and revenue declined compared to the same quarter a year earlier.
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After sliding as much as 2% in the early going, the S&P 500 was down 0.1% in afternoon trading, with about 66% of the stocks in the benchmark index losing ground. At its lowest point of the day, the index had lost all of its gains following Election Day.
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A double-digit percentage decline in Wall Street's highest-flying stock index spells opportunity for value-oriented investors.
The recent decline in U.S. stocks has wiped out all of the markets' gains since Trump’s election in November. That rally had been built largely on hopes for policies that would strengthen the U.S. economy and businesses.