Best Buy Earnings Beats Estimates, Retail Sector Rally
Tuesday, June 14, 2021 11:59 AM



Retail stocks rally on Tuesday after Best Buy Co. Inc. (NYSE: BBY) reported earnings for the first quarter FY 2012 exceeded Wall Street estimate. The company reported its first quarter profit of $136 million, or $0.35 peer share, exceeding Wall Street estimate of $0.33 per share for the quarter. Shares of Best Buy rose 4.44 percent to $30.10 in the morning session of trade on Tuesday. Other gaining stocks within the sector are, Macy’s Inc. (NYSE: M) which rose 3.06 percent to $27.96, Radioshack Corp. (NYSE: RSH) gaining 1.19 percent to $12.80, Zumiez Inc. (Nasdaq: ZUMZ) added 3.13 percent to $23.09 and Nordstrom Inc. (NYSE: JWN) rising 3.71 percent to $44.13 in the early hours of trading. Among the industry’s, the Electronic Stores industry becae the top gaining industry Tuesday, adding 3.25 percent to 776.60 points, while the Apparel Stores industry gained 0.59 percent to 1,067.47. Among the ETF’s, the SPDR S&P Retail ETF (NYSE: XRT) gained 2.24 percent to $50.75 and PowerShares Dynamic Retail ETF (NYSE: PMR) rose 1.19 percent to $20.33 today.


 

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