Emma Asma Cornwall
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Emma Asma Cornwall in Gainers & Losers,

Best Buy soared, but will it last long?

Shares of Best Buy Co. soared 18.8% on Tuesday, after the consumer electronics retailer reported fiscal second-quarter results that beat expectations, including a surprise rise in same-store sales. For the quarter ended July 30, earnings rose to $198 million, or 61 cents a share, from $164 million, or 46 cents a share, in the same period a year ago. Excluding non-recurring items, such as discontinued operations, adjusted earnings per share came to 57 cents, above the FactSet consensus of 43 cents. 

Revenue inched up to $8.533 billion from $8.528 billion, beating the FactSet consensus of $8.392 billion, with domestic and international revenue both topping expectations. Same-store sales increased 0.8%, compared with the FactSet consensus of a 0.4% decline, according to MarketWatch.

"We saw continued positive momentum in our online sales - delivering a second straight quarter of nearly 24% growth," said Chief Executive Hubert Joly. Looking ahead, the company expects third-quarter adjusted EPS of 43 cents to 47 cents, surrounding the FactSet consensus of 45 cents.

Stock price jumped right up to the resistance level of 39, and looks like there will be a corrective move in short-term, so if you didnt go long beforehand, don't do it now