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Best Buy (BBY)
by Zacks Equity ResearchNovember 26, 2012 | Comments : 0 Recommended this article: ()
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A tough economic environment in China and weak sales in Canada were the headwinds. Best Buy also suspended its future share buyback program and abstains from providing earnings projection for fiscal 2013 due to an uncertain environment related to product launches and industry-wide sales.
We remain concerned about secular headwinds and falling comps in televisions, gaming, notebooks and digital imaging. Moreover, Best Buy's cash position has shattered, plunging 85.1% year-over-year to $309 million at the end of the quarter. Consequently, we maintain our bearish stance on the stock.