Best Buy

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Best Buy's Collapse Was Not A Surprise To This Man





It would appear that the meteoric 300% rise of Best Buy's shares last year was promoted to the general investing public as the renaissance of the on-the-verge-of-bankruptcy warehouse store and sure enough, the world and his mom piled in to chase the momo higher and higher... until today. With a 30% tumble this morning, those momo-chasing moms and pops may be less enamored to buy-the-dip but there was one 'smart-money' insider who was selling as fast as retail was buying. Co-Founder Richard Schulze (who indicated in August he would be selling to 'diversify' his holdings) piled out of the stock through most of the fourth quarter (at a level well above this morning's opening print).

 
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Best Buy Plummets 30%, Is Better Sell Following Abysmal Holiday Sales Update





Despite several apparently well respected sell-side shops proclaiming that all would be well, the electronics warehouse missed comps (Sales at stores open at least 14 months were down 0.9 percent in the US (compared to expectations of +2.0%) and is being punished. Revenues fell 2.6% for the comparable period also. Shares are down 30% in the pre-market to 7-month lows as the company claims an "intensely promotional holiday season." It seems, perhaps, that following several other retailers' earnings updates the holiday season was even worse than many had expected (especially in the bricks-and-mortar stores that actually employ real people).

 
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No Red Futures On Black Friday





A hungover America slowly wakes up from a day of society-mandated consumption and purchasing excess to engage in even more Fed-mandated excess in the equity markets. The only difference is that while the "90%" was engaged in the former and depleting their equity, and savings, accounts in the process, far less than 10% will be doing the latter. Overnight attention was drawn to the rapidly escalating territorial dispute between China and Japan, now in the air, Bitcoin's brief surge above the price of an ounce of gold, and the ejection of the Holland from the AAA Eurozone club (where only Germany and Finland remain), following an S&P downgrade of the Netherlands from AAA to AA+, which however had been largely priced in long ago (and was coupled with an upgrade of Spain from negative to stable outlook, as well as an upgrade of Spain from CCC+ to B-). Europe surprised pleasantly on both the inflation (better than expected) and unemployment rate (dropped from an all time high of 12.2% to 12.1%), even if youth unemployment rose to fresh record highs.

 
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400 Years Of Black Fridays, Explained By A Taiwanese Cartoon





"Black Friday is America's most honest holiday. It is immediately preceded by Thanksgiving, which is when Americans of all races, except the native kind, get together and exchange a mutual wink and a nod that they're giving thanks for the majestic land that God inexplicably bestowed upon them and then have a turkey dinner. But Black Friday actually embodies the pioneer spirit that carried smallpox riddled settlers from one coast to the other. Like raiders in the night, shoppers drunk on red wine and diabetes crouch before the gates of the enemy's castle, or Best Buy, waiting to storm through the breach and rape and pillage and ask if this can be returned if it turns out your sister already has one..."

 
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Frontrunning: November 26





  • M&A Mystery: Why Are Takeover Prices Plummeting? (WSJ)
  • Hedge-Fund Fight Club Traded Illegal Tips Not Punches (BBG)
  • Speed Traders Meet Nightmare on Elm Street With Nanex (BBG)
  • A new wave of U.S. mortgage trouble threatens (Reuters)
  • Penny Lane: Gitmo's other secret CIA facility (AP)
  • US hardens threat to leave Afghanistan with no troops (WSJ)
  • Russian Prison Stuns Captain of Greenpeace’s Bombed Ship (BBG)
  • ECB's Weidmann Warns Central Banks Might Be Too Dominated by Fiscal Concerns (WSJ)
  • China Air Move Splits Japan as Carriers Obey New Rules (BBG)
  • Inside the Breakup of the Pritzker Empire (WSJ)
 
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10 Clues About 2013 Holiday Spending





From consumer and retailer surveys to quantitative data such as household spending and private jet bookings, ConvergEx's Nick Colas has amassed a collection of 10 clues about this year's holiday shopping season. On the plus side, disposable personal income and consumer spending on discretionary items are rising, and travel to Palm Beach via private jet is quite popular this Christmas season. However, consumer confidence surveys are particularly weak, and consumer debt has ballooned to a 5-year high. Roughly equal parts good and bad, Colas' collection of holiday spending indicators points to a mediocre (at best) 2013 shopping season (as we noted earlier).

 
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Frontrunning: November 20





  • JPMorgan $13 Billion Mortgage Deal Seen as Lawsuit Shield (BBG)
  • J.P. Morgan Is Haunted by a 2006 Decision on Mortgages (WSJ)
  • World powers, Iran in new attempt to reach nuclear deal (Reuters)
  • Keystone Foes Seek to Thwart Oil Sands Exports by Rail (BBG) - mostly Warren Buffet?
  • How Would Fed Deal With Debt Ceiling Crisis? Look to Minutes for Clues  (Hilsenrath)
  • Anything to prevent the loss of prop trading: 'Volcker Rule' Faces New Hurdles (WSJ)
  • BOE Sees Case for Keeping Record-Low Rate Beyond 7% Jobless (BBG)
  • Obama Backs Piecemeal Immigration Overhaul (WSJ)
  • Abenomics Seen Cutting Japan Bad-Loan Costs to 2006 Low (BBG)
 
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Caption Contest: The Wait For The iBestbuy Begins





... Wait, wait, wait. What do you mean Best Buy isn't releasing the next retinest, fingerprintscanniest, NSA-trackingest, 6-8 inchiest gizmo and instead these people are simply taking a 10 day break from their highly paid, quality jobs just to wait in line for a $98 TV?

 
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Frontrunning: November 19





  • J.P. Morgan, U.S. Reach Historic Settlement (WSJ)
  • OECD cuts global growth forecast (AP)
  • Guess the profit margin: Wal-Mart Touts $98 TV as Holiday Seen Weakest Since 2009 (BBG)
  • Republicans defy threat, block another Obama judicial pick (Reuters)
  • Fed Ponders How to Temper Tapering Without Rate Increase (BBG)
  • Wall Street uses 'merchant' workaround to cling to commodity assets (Reuters)
  • PBOC to ‘Basically’ End Normal Yuan Intervention, Zhou Says (BBG)
  • Italy’s leader warns Germany of rise of anti-European sentiment (FT)
  • Yellen Nomination for Fed Chairman to Get Vote This Week (BBG)
  • As U.S. default threatened, banks took extraordinary steps (Reuters)
  • NSA vowed repeatedly to fix its collection errors (AP)
 
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Venezuela Dispatches Army To Enforce Appliance "Fair Price" Ceiling After Looting Ensues





Over the weekend, in "Venezuela Government "Occupies" Electronics Retail Chain, Enforces "Fair" Prices", we reported that unpopular president Nicolas Maduro ordered the "occupation" of a chain of electronic goods stores in a crackdown on what the socialist government views as price-gouging hobbling the country's economy. Various managers of the five-store, 500-employee Daka chain - the local equivalent of Best Buy - have been arrested, and the company would be forced to sell products at "fair prices." Since then things have escalated rapidly. Because as we queried, and many wondered, the first question that arose is how would Maduro i) assure that prices were indeed kept at their "fair values" and ii) how would the cool, calm and orderly social order be preserved when suddenly everyone scrambles to buy all those flatscreens (which may have certain operational problems once the socialist paradise is hit with daily electric brown and blackouts very soon) they have been dreaming of for years. Now we know: with the help of the army.

 
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Frontrunning: November 11





  • Philippines Left Reeling in Wake of Storm (WSJ)
  • Khamenei controls massive financial empire built on property seizures (RTRS)
  • Race to Bottom Resumes as Central Bankers Ease Anew (BBG)
  • U.S. Postal Service to deliver Amazon packages on Sundays  (LA Times)
  • Obama Stocks Among Best After Re-Election as Rally Tested (BBG)
  • Health-Law Rollout Weighs on Obama's Ratings, Agenda (WSJ)
  • Twitter in Celebrity Spat With Facebook as Rivalry Builds (BBG)
  • Iran deputy industry minister shot dead (AFP)
  • Financier of Taliban-linked group shot dead in Pakistan (RTRS)
  • Obama: The Lonely Guy (Vanity Fair)
 
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Frontrunning: October 17





  • Congress Vote Ends Impasse to Be Revisited in January (BBG); Congress Passes Debt, Budget Deal (WSJ)
  • House GOP extracts no concessions (Politico)
  • Washington becomes the biggest risk to the U.S. economy (Reuters)
  • Debt Deal Seen Boosting U.S. Consumers as Holidays Approach (BBG) - only thing missing: disposable income
  • Federal Employees Head Back to Work (WSJ)
  • Regulator Suggested Shift for Dimon at J.P. Morgan Unit (WSJ)
  • Twitter hires Google ad exec ahead of IPO (CNET)
  • Teens can now post publicly, but posts are friends-only by default (WaPo)
  • Germany Moves to Finalize Coalition Deal (WSJ)
  • Draghi Turns Judge on EU Banks as ECB Studies Accounts (BBG)
  • UK nuclear deal with China a ‘new dawn’ (FT)
 
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Frontrunning: September 17





  • Less Tapering Becomes Tightening Credit No Matter What Fed Says (BBG)
  • Yellen Is Now Top Fed Hopeful (WSJ)
  • Syria - A chemical crime, a complex reaction (Reuters)
  • More ECB collateral: Wrecked cruise ship Costa Concordia raised off rocks in Italy (Reuters)
  • Aging Boomers Befuddle Marketers Eying $15 Trillion Prize (BBG)
  • Abe Turns Pitchman, Says Japan Is Now A Buy (WSJ)
  • Ex-JPMorgan Employees Indicted Over $6.2 Billion Loss (BBG)
  • Barack Obama blinked first in battle for Lawrence Summers (FT)
  • Berlusconi to support Italian government in video message: sources (Reuters)
  • How China Lost Its Mojo: One Town's Story (WSJ)
 
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Frontrunning: September 4





  • Yes: Support Builds in Congress for U.S. Strike Against Syria (WSJ)
  • No: Boehner backs Obama on Syria, but House leaning toward ‘no’ (The Hill)
  • U.S. Congress fight over Syria pits establishment versus upstarts (Reuters)
  • Wednesday humor: Japan’s Abe Says Fukushima Will Be Resolved Before 2020 Olympics (BBG)
  • Bank of Japan to Consider Further Easing if Sales Tax Hike Goes Ahead (Reuters)
  • S&P accuses U.S. Justice Department of filing $5 billion lawsuit against it in "retaliation" for the company's downgrade of America's debt in 2011 (WSJ)
  • German Candidates Spar Over Records (WSJ)
  • Emerging Nations Save $2.9 Trillion Reserves in Rout (BBG)
  • Split Congress Mulls Denial of Military Force Request (BBG)
  • Sharp Fall in Overseas Investment By Chinese Firms (WSJ)
  • Jorge Lemann: He Is...the World's Most Interesting Billionaire (BusinessWeek)
  • Why Amazon Is on a Warehouse Building Spree (BW)
 
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Frontrunning: August 27





  • Opposition figure: major decisions on Syria expected within hours (Al Arabiya)
  • Syria challenges U.S. to "produce the evidence" that Assad regime launched chemical attack (CBS)
  • British PM says world must act on Syria, weighs response (Reuters)
  • U.S. Treasury to Hit Debt Limit in Mid-October (WSJ)
  • U.S. could look beyond U.N. Security Council in any Syria strike (Reuters)
  • Nasdaq, NYSE at odds on outage cause as SEC seeks facts (Reuters)
  • Ackman’s J.C. Penney Sale Ends Failed Saga to Agitate for Change (BBG)
  • Zandi, LaVorgna, Blinder, Rattner all is one con puff piece (BBG)
  • Best Buy Founder Schulze Plans Stock Sale to Diversify Assets (BBG) - "diversify assets" = dump overpriced junk
  • Zero Worship: Credit-Card Firms Compete With No-Interest Transfers (WSJ)
  • Len Blavatnik wins $50m in JPMorgan lawsuit (FT)
  • Danone Finds Yogurt’s All Greek as Oikos Chases Chobani (BBG)
 
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