What's Happening
Retailer Best Buy ( ) is scheduled to release its second-quarter numbers before the market open on August 23. Analysts forecast earnings of $0.42 and sales of $8.42 billion for the quarter. During the same period last year the company had earnings of $0.49 per share and sales of $8.53 billion. The stock has been trending higher since its last earnings report at the start of summer, and shares are currently up 7.8% on the year.
Technical Analysis
BBY was recently trading at $32.81, down $6.29 from its 12-month high and $7.50 above its 12-month low. Overall technical indicators for BBY are bullish, and the stock is showing signs of a possible trend reversal. The stock has recent support above $30.40, and recent resistance below $35.50. Of the 14 analysts who cover the stock, four rate it a "strong buy", eight rate it a "hold", one rates it a "sell", and one rates it a "strong sell". The stock receives S&P Capital IQ's 3 STARS "Hold" ranking.
Analyst's Thoughts
Best Buy has done a good job...
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