Best Buy Co Inc (NYSE: BBY)
Best Buy was off to what seemed to be a normal day in the market today. When the opening bell rang, the stock made a run upward. From there, we saw some upward movement and some downward movement, but nothing was exciting enough to write home about. That is, until minutes ago when the stock started to spike. Below, we'll talk about what we're seeing in the market, why, and what we'll be watching for with regard to BBY ahead.
What We're Seeing From BBY
As mentioned above, Best Buy was having what seemed to be a relatively normal day in today's trading session. When the market opened, the stock started working toward the top before hitting resistance and correcting. Since then, we've seen some movement upward and downward, but nothing too exciting. That is, until minutes ago when the stock started to spike. At the moment (10:30), BBY is trading at $43.19 per share after a gain of $0.42 per share (0.98%) thus far today.
Why The Stock Is Gaining
As is normally the case, our partners at Trade Ideas were the first to inform us of the run on BBY. As soon as they did, the CNA Finance team started digging to see exactly what was causing the spike. In this case, it didn't take long to uncover the story. It seems as though the gains are the result of news out of the FBI.
Early this morning, there was a report released on TechDirt stating that the FBI is “Apparently Paying Geek Squad Members” to dig around in computers for evidence of criminal activity. Of course, we know that Geek Squad and Best Buy are essentially one and the same. So, investors are excited about the revenue.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on BBY. In particular, we're interested in finding out if the FBI is indeed paying Geek Squad, and if so, how much and for what exactly? We'll keep a close eye on the news and bring it to you as it breaks!
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