Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  Best Buy Co Inc    BBY

SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsSector newsTweets 

Wall Street ends lower on sour Apple, "cliff" uncertainty

share with twitter share with LinkedIn share with facebook
share via e-mail
0
12/15/2012 | 01:32am CET

Stocks fell on Friday as another slide in Apple took a toll and investors unloaded some shares because of the uncertainty surrounding the "fiscal cliff" negotiations.

For the Nasdaq, this marked the second losing week in a row. All three major U.S. stock indexes ended the week slightly lower.

Apple's (>> Apple Inc.) stock slid 3.8 percent to $509.79 - its lowest close since February 17 - after UBS cut its price target on the stock to $700 from $780. The stock of the most valuable U.S. company has been hit hard in the last three months. On Friday, Apple's stock fell after a tepid reception for the iPhone 5 in China.

The S&P Information Technology Index <.GSPT> lost 1 percent as Apple fell and Jabil Circuit Inc (>> Jabil Circuit, Inc.) shed 5.5 percent to $17.51 after UBS cut its price target.

The possibility of a fiscal cliff deal not taking place until early 2013 is rising. The back-and-forth negotiations over the fiscal cliff in Washington have kept markets on hold in what would already be a quiet period for stocks.

"We're faced with uncertainty ... and that's going to continue now into January. It basically puts everybody on hold and (you) just have the markets kind of thrash around," said Larry Peruzzi, senior equity trader at Cabrera Capital Markets Inc in Boston.

President Barack Obama and U.S. House of Representatives Speaker John Boehner held a "frank" meeting on Thursday at the White House to discuss how to avoid the tax hikes and spending cuts set to kick in early in 2013.

The Dow Jones industrial average <.DJI> slipped 35.71 points, or 0.27 percent, to 13,135.01 at the close. The Standard & Poor's 500 Index <.SPX> fell 5.87 points, or 0.41 percent, to 1,413.58. The Nasdaq Composite Index <.IXIC> lost 20.83 points, or 0.70 percent, to close at 2,971.33.

For the week, the Dow slipped 0.2 percent, while the S&P 500 fell 0.3 percent and the Nasdaq declined 0.2 percent.

Among other Nasdaq decliners, shares of chipmaker Qualcomm (>> QUALCOMM, Inc.) slid 4.7 percent to $59.83. A semiconductor index <.SOX> dropped 0.7 percent.

American Express Co (>> American Express Company) shares fell 1.9 percent to $56.65 and ranked as the heaviest weight on the Dow.

Investors are concerned that going over the cliff could tip the economy back into recession. While a deal is expected to ultimately be reached, a drawn-out debate - like the one over 2011's debt ceiling - can erode confidence.

Best Buy Co Inc (>> Best Buy Co., Inc.) slid 14.7 percent to $12.05 after the electronics retailer agreed to extend the deadline for the company's founder to make a bid. Shares jumped as much as 19 percent on Thursday after initial reports of a bid this week from founder Richard Schulze.

Among the day's economic data, consumer prices fell in November for the first time in six months, indicating U.S. inflation pressures were muted. A separate report showed manufacturing grew at its swiftest pace in eight months in December.

Data out of China was encouraging, as Chinese manufacturing grew at its fastest pace in 14 months in December. The news was deemed as helpful for U.S. materials companies, including U.S. Steel (>> United States Steel Corporation), which rose 6.8 percent to $23.85. An S&P material sector index <.GSPM> rose 0.9 percent.

Volume was roughly 5.8 billion shares traded on the New York Stock Exchange, the Nasdaq and the NYSE MKT, compared with the year-to-date average daily closing volume of 6.52 billion.

Decliners outnumbered advancers on the NYSE by a ratio of about 8 to 7. On the Nasdaq, decliners barely held an edge over advancers, with 1,241 stocks falling and 1,196 shares rising.

(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)

By Caroline Valetkevitch

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on BEST BUY CO INC
01/17 BEST BUY : Armed robbery reported at gas station near State College
01/16 BEST BUY : names 'Sorot Utsav Offer' winners
01/14 BEST BUY : FBI link explored in Newport doctor's effort to toss out computer pho..
01/13 BEST BUY : Court Documents Appear To Confirm The FBI Is Using Best Buy Techs To ..
01/13 BEST BUY : 'wallpaper' tv on display in paramus
01/13 BEST BUY : FBI link explored in Newport doctor's attempt to exclude computer pho..
01/12 LONGMONT POLICE NOTES : Woman flashes customers at Best Buy. She may have been h..
01/12 BEST BUY : Nothing found after bomb threat called into metro-east Best Buy
01/12 BEST BUY : C'ville OKs community center security system
01/11 BEST BUY : Time to cut cord with old electronics
More news
Sector news : Computer & Electronics Retailers - NEC
2016DJSUNING COMMERCE : China Nets Italy's AC Milan Soccer Club
2016 SUNING COMMERCE : China's Suning leads race for soccer "super agent" Stellar - s..
2015 Alibaba gets more bang for its buck as revenue growth tops forecasts
2015 China's Dalian Wanda, Suning Commerce sign cooperation deal
2015 Alibaba's Suning deal a riposte to growing might of rival JD.com
More sector news : Computer & Electronics Retailers - NEC
News from SeekingAlpha
12:00p Consumer Edge Research dissects consumer price trends
08:52a More Severe Pain Coming For Retail Stores This Month?
01/16 REVIEWING MY PICKS FOR 2016 : Picks Up 70%, Pans Up 16% (Part 1 Of 2)
01/15 Reports Of GameStop's Imminent Death Are Being Greatly Exaggerated
01/13 VALUE INVESTORS : Walking The Walk With Macy's
Advertisement
Financials ($)
Sales 2017 39 541 M
EBIT 2017 1 679 M
Net income 2017 1 125 M
Finance 2017 908 M
Yield 2017 3,09%
P/E ratio 2017 12,81
P/E ratio 2018 12,91
EV / Sales 2017 0,33x
EV / Sales 2018 0,33x
Capitalization 14 085 M
More Financials
Chart BEST BUY CO INC
Duration : Period :
Best Buy Co Inc Technical Analysis Chart | BBY | US0865161014 | 4-Traders
Full-screen chart
Technical analysis trends BEST BUY CO INC
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 27
Average target price 45,6 $
Spread / Average Target 1,6%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
Hubert Joly Chairman & Chief Executive Officer
Corie Barry Chief Financial Officer
Kathy J. Higgins Victor Independent Director
Gérard R. Vittecoq Independent Director
Lisa Maria Caputo Morris Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
BEST BUY CO INC5.18%14 085
DIXONS CARPHONE PLC-2.28%4 930
TECH DATA CORP-1.19%2 947
GOME ELECTRICAL APPLIA..9.57%2 936
JB HI-FI LIMITED4.03%2 492
AARON'S, INC.0.09%2 287
More Results