67.15 -0.03 (-0.04%)
After hours: 4:01PM EDT
|Bid||67.06 x 800|
|Ask||67.07 x 1000|
|Day's Range||66.47 - 68.53|
|52 Week Range||47.72 - 81.66|
|Beta (3Y Monthly)||1.67|
|PE Ratio (TTM)||12.14|
|Earnings Date||Nov 18, 2019 - Nov 22, 2019|
|Forward Dividend & Yield||2.00 (2.92%)|
|1y Target Est||75.08|
Zacks.com featured highlights include: Anixter International, CVS Health, AmerisourceBergen, AECOM and Best Buy
Keurig (KDP) opens production and supply-chain facility in Allentown, PA, which should add 400 jobs. Further, it expands the coffee-maker line, with the launch of the K-Duo portfolio.
(Bloomberg Opinion) -- Vinyl records, paper books, glossy magazines – all should be long dead, but they’re refusing to go away and even showing some surprising growth. It’s probably safe to assume that people will always consume content in some kind of physical shell – not just because we instinctively attach more value to physical goods than to digital ones, but because there’ll always be demand for independence from the huge corporations that push digital content on us.According to the Recording Industry Association of America, vinyl album sales grew 12.9% in dollar terms to $224 million and 6% in unit terms to 8.6 million in the first half of 2019, compared with the first six months of 2018. Compact disc sales held steady, and if the current dynamic holds, old-fashioned records will overtake CDs soon, offsetting the decline in other physical music sales. Streaming revenue grew faster for obvious reasons: It’s cheaper and more convenient. But people are clearly not about to give up a technology that hasn’t changed much since the 1960s.In 2018, hardcover book sales in the U.S. increased by 6.9%, paperback sales went up 1.1% and eBook sales dropped 3.6%. The number of print magazine titles published in the U.S. rose to 7,218 from 7,176, according to the Association of Magazine Media. That’s more magazines than the U.S. had in 2009. For all the havoc the digital revolution is wreaking on newsrooms, people are still starting new titles – and 96% of the magazine industry’s subscription revenue still came from the print editions, with digital providing the rest.One explanation could be that, as Ozgun Atasoy from the University of Basel and Carey Morewedge from Boston University wrote in a paper based on a series of experiments, people are more willing to buy physical goods than equivalent digital ones, and they’re likely to pay a higher price for them. Offered an easy choice, people would rather have a vinyl LP than its digital image in the cloud somewhere; it’s just that the choice isn’t there most of the time. Atasoy and Morewedge wrote that the effect is mostly explained by “psychological ownership”: It’s hard for people to feel they own something they can’t physically touch.They wrote, however, that other, unidentified factors were also at play, since psychological ownership didn’t fully explain the difference in people’s willingness to pay for the two kinds of products. I think Michael Palm from University of North Carolina-Chapel Hill put a finger on those factors in a paper published earlier this year. He suggested that physical vs. digital, or new vs. old, could be a less relevant differentiation point than corporate culture vs. independent culture.The record industry got rid of vinyl fabrication when CDs appeared. Big store chains stopped selling LPs. But small producers and record stores that also function as community centers have kept the culture and the format alive. Now, the big companies see a commercial potential again – but they’re ordering vinyl records from independent producers, who can’t always keep up with the orders, and distributing to small stores, not just to giant chains like Best Buy, which are also stocking vinyl records again.“To combat the corporate incursion into vinyl markets, some independent labels are vertically integrating and beginning to manufacture as well as distribute and sell their own records,” Palm wrote. “The stakes of vinyl’s future involve the viability of an independent supply chain for popular music, and these stakes are raised in a media landscape dominated by online access to content controlled by corporate gatekeepers.”A similar logic applies to books. According to the American Booksellers’ Association, independent bookstores’ sales went up about 5% in 2018. These stores are where people hang out, discuss their discoveries, receive recommendations and advice. They are also where the products of small publishing houses can get more attention than they do in major bookstores or on Amazon.The increase in the number of print magazines also isn’t occurring thanks to major launches by big industrial publishers. There’s space in this industry for niche publications that want intimate contact with readers, not a tiny share of the attention squandered on the internet. The Association of Magazine Media claims the average time to read an issue of a magazine published in the U.S. is almost 50 minutes. A magazine is the same kind of alternative to Instagram or Twitter as a vinyl record is to Spotify or Apple Music.This may be the last line of defense for old content formats – a line they could be able to hold forever: The preserve for independent creation, manufacturing and distribution in a world that belongs to giant corporations that mass-produce content and mass-distribute it through the cloud. The old-new dichotomy may well turn out to be misleading; there's nothing “old” about trying to go beyond the mass market.To contact the author of this story: Leonid Bershidsky at email@example.comTo contact the editor responsible for this story: Tobin Harshaw at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Leonid Bershidsky is Bloomberg Opinion's Europe columnist. He was the founding editor of the Russian business daily Vedomosti and founded the opinion website Slon.ru.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
(Bloomberg) -- U.S. consumer borrowing swelled in July by the most since late 2017 as Americans carried larger credit-card balances to fund both everyday and online purchases.Total credit rose by $23.3 billion from the prior month, exceeding all estimates in a Bloomberg survey of economists, Federal Reserve figures showed Monday. Revolving debt outstanding increased by $10 billion, also the most since November 2017, while the growth of non-revolving credit was little changed from a month earlier.Key InsightsThe surge in borrowing indicates Americans, supported by higher wages, were feeling confident enough about their financial situation to continue borrowing and spending. The economy, beset by weakness in manufacturing, housing and capital investment, remains highly dependent on the U.S. consumer to keep driving the expansion. The gain in revolving debt includes purchases made during Amazon.com Inc.’s Prime Day event, which the company said surpassed sales from the previous Black Friday and Cyber Monday combined. Other retailers, like Walmart Inc. and Best Buy, offered competing discounts as well. At the same time, bigger credit-card statements may indicate households feel they are overextended and may become more tentative about spending.Data out last week showed sustained job growth, higher- than-expected wage gains and a labor market that continues to draw more people off the sidelines and into the labor force. Persistent strength in the jobs market could help support further consumer borrowing.The gain in revolving credit outstanding, which includes credit card debt, followed a $186 million drop in June.Non-revolving debt outstanding advanced $13.3 billion after rising $14 billion. Such debt includes loans for school and cars. Get MoreTotal credit expanded at an annual rate of 6.8% in July, after growing about 4% the month prior.Economists surveyed by Bloomberg had projected the credit gauge would rise by $16 billion.Lending by the federal government, which is mainly for student loans, rose by $3.7 billion before seasonal adjustment.The consumer credit report doesn’t track debt secured by real estate, such as home mortgages.(Adds bullet on Amazon’s Prime Day, graphic.)\--With assistance from Chris Middleton.To contact the reporter on this story: Reade Pickert in Washington at email@example.comTo contact the editors responsible for this story: Scott Lanman at firstname.lastname@example.org, Vince GolleFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Stock pickers are generally looking for stocks that will outperform the broader market. Buying under-rated businesses...
Best Buy's market share gains in major appliances and initiatives to drive growth in services are paying off for the company.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. President Donald Trump showed no sign that he’s going to back down from new tariffs on more than $110 billion in Chinese imports -- set to take effect within hours -- even as talks are set to continue.“They’re on,” Trump told reporters on Friday before heading to Camp David, the. U.S. presidential retreat in Maryland. Face-to-face talks between Chinese and American trade negotiators scheduled for Washington in September are still happening “as of now,” he said.“We’re going to win the fight,” Trump said. On Saturday Trump tweeted about Democrats -- he singled out Representative Debbie Dingell of Michigan -- “wanting to give up on our very successful Trade battle with China.” The president also took credit for low gasoline prices, “just like a Tax Cut.” U.S. stocks on Friday moved between gains and losses as investors weighed the effects of more import tariffs on American households. U.S. consumer sentiment slumped to the lowest level of Trump’s presidency. The University of Michigan’s final sentiment index fell to 89.8 in August from a previously reported 92.1 and 98.4 in July, data showed Friday.The U.S. is starting a 15% tariff on about $110 billion in apparel, footwear and other Chinese imports Sunday, with same duty on the balance of almost $300 billion in toys, phones and laptops and other products delayed until Dec. 15. Trump is also increasing the levy already in effect on $250 billion in other Chinese goods to 30% from 25% starting Oct. 1, the 70th anniversary of the founding of the People’s Republic of China.China has vowed additional tariffs on $75 billion of U.S. goods, including soybeans, automobiles and oil, with some taking effect Sunday and the rest Dec. 15 in retaliation.Earlier Friday, Trump blamed American companies for their inability to deal with a trade policy he said is aimed at reining in “unfair players.”“Badly run and weak companies are smartly blaming these small Tariffs instead of themselves for bad management,” Trump tweeted Friday. “And who can really blame them for doing that? Excuses!”In a separate Twitter post on Friday, he took aim at the Federal Reserve again, writing that “we don’t have a Tariff problem (we are reigning in bad and/or unfair players), we have a Fed problem.”Trump has repeatedly attacked the central bank, blaming policy makers for the dollar’s strength and harming the economy by raising interest rates and then moving to cut them too slowly.Several prominent American companies in recent days have tied weaker performance to trade frictions.Shares of American Outdoor Brands Corp. plunged 22% on Friday after the maker of Smith & Wesson handguns cut its forecast to include $5 million in costs for tariffs on Chinese imports.Best Buy Co. fell 8% on Thursday after delivering sluggish sales and trimming its outlook for the year, citing consumer uncertainty in the second half of the year along with the complications that tariffs create. Abercrombie & Fitch Co. sank 15% on Thursday after trimming its sales outlook and flagging the impact of tariffs on its profit margin.Business BlameWhile it’s unclear who Trump is responding to in his criticism of businesses that blame their problems on tariffs, the largest U.S. business lobby this week urged him and Chinese President Xi Jinping to withdraw from the new tariffs and return to talks in good faith to end the escalating trade war.“At this moment of uncertainty, it is critical that our leaders take decisive steps to bolster the economy and avoid actions that could turn talk of recession into reality,” Thomas Donohue, chief executive officer of the U.S. Chamber of Commerce, said in a Washington Post opinion piece Thursday.Other American industry groups were also critical of the escalation.A coalition of more than 150 trade associations made a last-ditch plea to postpone the duties, saying they “come at the worst possible time” and that holiday purchases will still be affected.Despite the worsening trade tensions, a large majority of the American companies that are members of the U.S.-China Business Council said they’re committed to China over the long term and don’t plan to leave, according to a survey the group released Thursday.(Updates with Trump tweets in fourth paragraph.)\--With assistance from Josh Wingrove.To contact the reporters on this story: Brendan Murray in London at email@example.com;Alyza Sebenius in Washington at firstname.lastname@example.orgTo contact the editors responsible for this story: Brendan Murray at email@example.com, Sarah McGregor, Ros KrasnyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- Amazon.com Inc. is angling for a larger share of European television viewers.The company plans to introduce Fire TV to a handful of new markets and expand its footprint in existing ones such as the U.K. and Germany, according to people familiar with the situation. Amazon will detail its plans, including deals with media companies, at an event in Europe next week, said the people, who asked not to be identified discussing an initiative that hasn’t been announced yet.Amazon’s Fire TV is the service that viewers use to stream catalogs of shows and movies belonging to Netflix and Amazon itself on their TVs. The company declined to comment.With more and more viewers canceling their cable subscriptions, Amazon wants Fire TV to become the de facto cable box of the internet era. The company offers a suite of products: a Fire TV set-top box, a stick that can be hooked up to a TV and an operating system that can be embedded in smart TVs from third-party manufacturers.Amazon uses Fire TV to boost usage of its Prime Video app, which is one of the biggest streaming services in the world because it’s bundled with the Prime shopping subscription service, which has more than 100 million users. The company also use Fire TV to gather viewer data that it can sell to advertisers. Advertising on internet-delivered video services is one of the fastest-growing categories in the world.Amazon is the second-biggest player in online TV operating systems and set-top boxes after Roku Inc., which created the market. Both companies say they have tens of millions of user accounts, and outside analysts say they control about 70% of the market combined. Roku leads with almost 40%.But neither company has established a large foothold outside North America. Roku has expanded to Mexico and much of Western Europe, but still derives almost all of its users and sales from its home country.Amazon last year cut a North American deal with Best Buy to sell TVs made by Insignia and Toshiba with Fire TV baked in. Those models aren’t available in European markets, where Amazon’s presence is generally limited to sales of various versions of the Fire TV Stick.To contact the reporters on this story: Lucas Shaw in Los Angeles at firstname.lastname@example.org;Matt Day in Seattle at email@example.comTo contact the editors responsible for this story: Nick Turner at firstname.lastname@example.org, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The Board of Directors of Best Buy Co., Inc. has authorized the payment of a regular quarterly cash dividend of $0.50 per common share. The quarterly dividend is payable on October 10, 2019, to shareholders of record as of the close of business on September 19, 2019.
Best Buy (BBY) reported stronger-than-projected earnings Thursday morning, yet investors were mildly disappointment. The stock fell 7.99% during regular trading hours. However, BBY shares are still up 19.2% YTD.
U.S. stocks rallied more than 1% on Thursday, buoyed by gains in the trade-sensitive technology and industrial sectors as China expressed hope on trade negotiations with the United States, easing concerns that rising tensions could stoke a recession. China's commerce ministry said both sides are discussing the next round of talks scheduled for September, but progress would be determined by whether Washington could create favorable conditions. U.S. President Donald Trump said in a Fox News radio interview that trade talks were scheduled for Thursday "at a different level," but did not provide details.
Investing.com – Stocks shot up Thursday on hints that China wants to reduce the tension in its trade fight with the United States.
Though Best Buy's (BBY) earnings and sales improve year over year in Q2, the top line misses the Zacks Consensus Estimate. Management raises earnings view for fiscal 2020 but narrows sales guidance.