Best Buy Co Inc (NYSE: BBY)
Best Buy wasn’t necessarily off to the best of days in the market today. In fact, when the opening bell rang, the stock was already trading in the red. From there, we’ve seen a continuation of downward movement, bringing the stock further and further into the abyss. Nonetheless, it looks as though the stock is working to recover as it spikes following comments from the CEO. Below, we’ll talk about what we’re seeing from BBY, why, and what we’ll be watching for ahead.
What We’re Seeing From BBY
As mentioned above, Best Buy wasn’t having a great day in the market early on this morning. In fact, after starting the session off in the red, the stock continued to fall throughout the first half hour or so. However, minutes ago, comments from the CEO of the company broke, leading to an upward spike. At the moment, the stock is working to make it back to the green. Currently (10:13), BBY is trading at $43.33 per share after a loss of $0.30 per share or 0.69% thus far today.
Why The Stock Is Spiking
In the case of BBY, our partners at Tradespoon were the first to alert us of the spike on the stock. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this case, it didn’t take long to dig up the story at all. It seems as though the gains are the result of comments from the CEO of the company.
Early this morning, Hubert Joly, CEO at Best Buy had a discussion with Bloomberg. This follows reports that he would likely be stepping down from his position. However, in his comments today, Joly informed investors that he has no plans on leaving his position as CEO of the company. As a result, investors are excited, leading to the spike.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching BBY incredibly closely. Now that we know that Joly will maintain his position as CEO, it will be interesting to see his next steps. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks!
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[Image Courtesy of Flickr]