Best Buy Selling iPhones
Source: http://www.zacks.com/Posted on Wednesday, August 13th, 2008 | In Market Commentary, Stocks to Watch
Best Buy (BBY) looks to get the edge on its competition by retailing the new iPhone that debuted a month ago at Apple (AAPL) and AT&T (T) stores exclusively. The product release sold one million iPhones in its opening weekend.
Like most big-box retailers, tighter times appear ahead now that stimulus checks have worked their way through the system. This move for Best Buy should increase sales for the company in the near term.
Analysts ahead of the August quarter earnings report have been moderate and mixed in their EPS estimates over the past month. The Zacks consensus estimate for the quarter is 57 cents a share, and the fiscal 2009 (ending next February) estimate was $3.31 before the announcement. The Zacks Rank #3 (Hold) on BBY shares indicates no upward or downward pressure on the shares.
“BBY” Free Stock Analysis: Buy? Sell? Hold?
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