This page has been archived and commenting is disabled.
Best Buy Best-est Dump
In the last two days, the venerable Best Buy has not only shot itself in the foot, but in the arm and leg - and potentially head too. Implicitly cutting hopes for a MBO-at-a-premium by hiring a new CEO (with de minimus turnaround experience), the company's earnings and conference call has confirmed that they will suspend their share repurchase scheme, reduced its annual earnings expectations, and has withdrawn guidance for fiscal 2013. As we warned the day of the Schulze-vaporware-MBO comment (which saw a spike from $17.63 to $23.55 at its highs that day) this was nothing but hot air and now it seems increasingly likely that not just the 68mm shares that Schulze owns now getting crushed 30% from those highs just over a week ago, but as AAPL has added a total BBY in market-cap this morning - and with the stock at near 10-year lows - we are afraid the commercial real-estate business will have some excess inventory very soon.
- 5811 reads
- Printer-friendly version
- Send to friend
- advertisements -



And on no volume, someone please explain...
The majority of trading is done "dark" ... only the muppets trade during the day.
WTF do you mean by "dark."
http://en.wikipedia.org/wiki/Dark_liquidity
thanks.
WTF's with metals this morning? Anyone? Evenly spread, no news to act on ......
People are realizing there really is inflation despite the ministry of propaganda reports.
Something has happened in the market and it happened too suddenly to be explained away by retail giving it the finger.
Geek Squads bitchez!... (they could use all the "to-be" shuttered retail space to build a new frat house for the Tri-Lambs...
~~~
http://thetoiletpaper.com/blog/2010/lambda-lambda-lambda/
AAPL buys BBY with pocket change - instant mega AAPL stores for all the new iJunk coming this way.
I think I am being sarcastic...
Pete
Most of the Circuit City carcasses around here are still vacant
They turned one of those carcasses into a Best Buy here, just about 2 yrs ago. a mega BB w/ music room & everything, to bad, i rather like it...
They use ours for a Halloween store 30 days a year. It's vacant the rest of the year.
Same here.
Frightening.
More disgusting than frightening. The smell of all that Chinese latex made me nauseas when I was there.
Excellent point Bodhi....ironically, I remember when Best Buy was unique. Now, their current strategy appears to be "let's try to be what Circuit City was" somehow forgetting that CC is no longer with us. I do not get the "follow the loser" strategy. I tried to pick up a blueray version of a Blackhawk Down and the dude at the store told me they're getting out of the music/video business but it's available from bestbuy.com. WTF!! Everythings available online...I already knew that!! I didn't want to wait 5 days to get it, that's why us mammals enter brick&mortar businesses!
But every report I read says the consumer is alive and well buying up everything in sight. Or maybe they are just buying up food a fuel to stay alive. Foodstamp nation.
when i-Pods become edible, you can use your foodstamps at BB...
ditto
I know of 3 Circuit City boxes that are still empty within a 100 mile radius
Best Buy, FB, Groupon, etc remind me of the famous quote.
The University of Texas Retirement Fund bought $1 Billion of gold bars with the help of Kyle Bass. When one of the directors was asked why buy gold, he responded, "Gold never goes to zero."
Barbaric !
Don't mess with Texas...
Here's a chart showing the 6 month performance of GLD v FB v GRPN v BBY:
http://finance.yahoo.com/q/ta?s=GLD&t=6m&l=on&z=l&q=l&p=&a=&c=fb%2Cgrpn%...
...and if you add in ZYNGA:
http://finance.yahoo.com/q/ta?t=6m&s=GLD&l=on&z=l&q=l&c=fb%2Cgrpn%2Cbby+...
Nothing says it better then seeing it in pictures.
expain the market? my take is this has been the plan for over a year. The plan was to systematically put a pistol to ever short seller know to man. There is a short ban just like Europe there just never was an official announcement. There has to be a coverup to every american how bad things are and this is how they are doing it. It took time. but shorts have been bitchslapped by the fed to much by this fraud so they just stay out. You have to be an idiot to dip in such a fruad market like this. Its disgusting how the "market" is now just a propaganda machine not a place where theres is true price discovery. Im sure Ben will be buying some BBY shares today cause god knows, we cant wake anyone up to reality. Dream land must persist till november. Thats my crazy whacked out take.
At least this won't affect the stock market! [/sarc] Onward and upward.
Dump the debt on retail and don't look back...Just like Lehman but a better workout...
exactly. don't worry about insiders, they got plenty.
Stolper +300pips. 550 to go.
I don't know how A&P stays open, the stores are huge and shoppers scarce. Alot of retail zombies out there.
and in the mean time. after our commercial break. Joe six pack is getting it up the ass even more. Crude nearing 100 for no reason at all just simply because it trades lock step with the SP. Wall street gets their gift. Main street gets the shaft. Thats america today. I guess ya gotta deal with it.
Barry threatening kinetic action in Syria might have something to do with the price of oil.
bullshit.
Goldman etc traders flipping oil futures with worthless FRNs and never taking possession of the commodity has ALL to do with it.
I recommend they go back to commission on their sales force. I remember back in the day being attacked by sales people and being convinced I needed to buy two extended service plans. Now when you walk in, the greeter only talks to you on the way out to make sure you paid for the item in the bag.
EDIT: If my memory serves correct, the old sales people were also able to haggle on price.
Bought my first laptop at BB. You are so right, every sales person was on you like flies on dog doo. \the guy who sold me the laptop was a pathalogical liar. I am sure management had poor return sales they changed their sales tactics. All I have bought there since 2005 is a few dvd's
I see a trend here...less storefronts...more Amazon´s.........but I can´t figure out why Retail REIT´s are doing so well...I think malls are getting hit hard....but he REIT´s keep going up and up and up..
Youngman, Malls are dead. The first mall in Salt Lake was torn down several years ago to re-build a huge new state of the art mall, it remains a dirt field to this day.Maybe we shoukld plant soybeans!
What's worse? Best Buy or JCPenny?
People actually need the clothes JCPenny sells & it's better to try them on in person rather than order them online. But it sounds like whoever is running the show over there is probably trying to drive the company into the ground. Meanwhile a mysterious off-shore entity is probably shorting the company and these offshore funds will be used to buy an offshore estate in the form of a private island. I mean, the Sears guy was buying a private island the same week he was closing 100 stores. Fishy, fishy!
In my 26 sq miles surrounded by reality both former curcit city's have found new a life.
On is a giant pawn shop and the other remodel space for a lumber store.
The developer got creative, some would say thinking out side of the box.
Good for a greenie.
But if Best Buy closes, where will people go to test out electronics before going home and buying it online?
HH Gregg.
Best hurry, however...with HGG down nearly 5% on today's open and set to plumb new all-time lows, who knows hom much longer this "Amazon showroom" survives.
Amazon is shortening the supply chain by moving warehouses closer to buyers. Will launch one day service. If that works well they could ship, let you play and send back what you don't like. Where it is headed.
Yep. In my part of the world, Amazon has a big distribution center and is hiring another 800+ workers right now.
Holographic #EconomicDeathstar
Watch what happens when the grocery stores start closing up shop.
In the last ten years we have lost Apple, Finest, Stop & Shop, and a whole lot more regional chains by me. There are hundreds of abandoned grocery shells.
All we have left is Acme and Giant Eagle. Acme is putting up a fight but Giant Eagle has marked them for extinction.
We are moving towards one company for each market sector.
PA area?
SVU is fucked, there goes Albertsons, Albertsons+, Jewel-Osco, Acme, and the supply chain for hundreds of regional indirects.
Walmart and Target will gorge on the deceased.
Best Buy is the largest retail outlet for Apple products in the country.
Best Buy going down must mean Apple going to $1500 a share in our upside down bizzaro land.
and in continuing the explain. This is wall street's gift back to obama. Returning the favor for not coming after any of the financial terrorist in his term. This is their thank you bouquet to him. A fraud ramp job to make him look good because they know that most americans think the economy is related to what they say the dow or apple did today. Time will tell after the election when maybe they lift the short ban.
it's been coming for a while, surprizing that it happened so soon.
http://expose2.wordpress.com/2011/11/20/a-voice-from-the-dark/