Is BestBuy a Buy?
Consumers buying less coffee. Fewer cars driven off the lot. Not many homes are being snapped up. Furniture stores are closing down. HomeDepot and Lowes are seeing sales slowing month after month. Restaurants are begging for customers. Retailers having a hard time staying open due to slowing sales.
With jobs being cut by the thousands daily. Gas over $4 per gallon and food following lock step......you think people are going to be rushing out buying big screen TVs?
BBY had negative CE sales this past quarter....how do you think next quarter is going to look>
Not only that, WalMart and Costco are doing a much better job selling consumer electronics anxious to drive revenues.
BestBuy just spent over $2 Billion buying into a European Joint Venture and over $3 Billion buying back its shares recently. Now low on cash and very leveraged going into a consumer slowdown......how do you think BBY's prospects look?