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LONDON, UK / ACCESSWIRE / September 12, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Best Buy Co., Inc. (NYSE: BBY) ("Best Buy"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=BBY. The Company announced on September 9, 2017 its decision to stop selling cyber security products made by Moscow-based firm, Kaspersky Lab ("Kaspersky"), through its stores and website. The Company is concerned that Kaspersky could be influenced by the Russian government. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Electronics Stores industry. Pro-TD has currently selected GameStop Corp. (NYSE: GME) for due-diligence and potential coverage as the Company reported on August 24, 2017 its financial results for Q2 2017 which ended on July 29, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on GameStop when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on BBY; also brushing on GME. Go directly to your stock of interest and access today's free coverage at:

http://protraderdaily.com/optin/?symbol=BBY
http://protraderdaily.com/optin/?symbol=GME

Insights of the Decision

  • The news was confirmed by Best Buy's spokesperson, but did not provide any additional details.
  • Best Buy stated that there were too many unanswered questions from Kaspersky's side which prompted it to take such a decision.
  • In respect of the allegation, a US Congressional panel has asked government agencies to share documents on the cyber security firm.
  • The panel believes that Kaspersky's products could be used for heinous activities against the United States.
  • In July, the US administration prohibited the use of Kaspersky's products and removed them from its lists of approved vendors used by government agencies to purchase technology equipment.
  • Kaspersky denies its links with the Russian government. The Company also confirmed that it is currently not doing business with Best Buy.

Best Buy Reports Better than Expected Second Quarter Results in August

Best Buy (NYSE: BBY) announced its financial results on August 29, 2017, for the second quarter ended July 29, 2017. For the three months ended July 29, 2017, Best Buy's net revenue increased 4.8% to $8.94 billion from $8.53 billion in Q2 FY17. During Q2 FY18, the Company's gross margin decreased 10 basis points to 24.1% of revenue from 24.2% of revenue in Q2 FY17. For the reported quarter, Best Buy's operating margin increased 20 basis points to 3.6% of revenue from 3.4% of revenue in Q2 FY17.

During Q2 FY18, Best Buy's net income increased 5.6% to $209 million on a y-o-y basis from $198 million in Q2 FY17. For the reported quarter, the Company's diluted earnings per share (EPS) increased 9.8% to $0.67 on a y-o-y basis from $0.61 in Q2 FY17. During Q2 FY18, Best Buy's adjusted diluted EPS increased 21.1% to $0.69 from $0.57 in Q2 FY17.

About Best Buy Co. (NYSE: BBY)

Founded by Richard Schulze in 1966, Best Buy is a leading provider of technology products, services, and solutions. The Company offers expert service at an unbeatable price to consumers, small business owners, and educators, who visit its stores, engage with Geek Squad Agents, or use the website or the app. Best Buy is headquartered in Richfield, Minnesota.

About Kaspersky Lab

Established in 1997, Kaspersky is one of the world's fastest-growing cyber security companies and the largest one that is privately-owned. The Company's deep threat intelligence and security expertise is constantly transforming into security solutions and services to protect businesses, critical infrastructure, governments, and consumers around the globe.

Last Close Stock Review

On Monday, September 11, 2017, the stock closed the trading session at $55.96, marginally up 0.83% from its previous closing price of $55.50. A total volume of 3.51 million shares have exchanged hands. Best Buy's stock price skyrocketed 24.77% in the past six months and 51.78% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have soared 31.15%. The stock is trading at a PE ratio of 14.85 and has a dividend yield of 2.43%. At Monday's closing price, the stock's net capitalization stands at $16.90 billion.

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SOURCE: Pro-Trader Daily