Best Buy News
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The Street today unleashed as staggering amount of ink about holiday retail sales, for the period from Thanksgiving day through today's Cyber Monday. Two bigger winners in the stock market were ebay (EBAY) and Best Buy (BBY), with eBay shares closing up 83 cents, or 1.6%, at $51.35, and Best Buy stock gaining 53 cents, or 1.3%, to $41.08. Data this morning from research firm ChannelAdvisor for sales from Black Friday through today showed eBay edging out Amazon on Friday, with 38.7% growth in sales, year over year, versus 34.7% for Amazon. By contrast, Amazon had a larger gain today, seeing sales up 46.7%, versus a 20.5% gain for eBay.
Black Friday, retailers' Super Bowl of the year, also is a Super Bowl for retail reporters like myself.
Shares of Best Buy (BBY) closed up 53 cents, or 1.3%, at $41.08, today, following the biggest buying period of the year, the combination of Thanksgiving day, Black Friday, the weekend following Black Friday, and today's Cyber Monday frenzy. Citigroup's Kate McShane today reiterates a Buy rating, and a $48 price target, writing that she thinks the company had a "solid" holiday performance, based on store "checks" and "our conversations with people in the industry." McShane thinks Best Buy did a good job offering discounts on a lot of the in-demand consumer electronics items, as well as staggering them over several days to keep consumers coming back through the weekend: Through our Black Friday store checks, we observed long lines to enter BBY for doorbuster products including: a BBY exclusive LG 55" LED TV for $500, iPad 2 16GB WiFi for $300 (reg.
Retailers competed to get shoppers' attention with deeper discounts, bigger doorbusters, and earlier opening times.
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