Best Buy: +1.3% in less than 24 hours

Best Buy Co., Inc. was expected to reveal its third-quarter earnings before the open of trading on Thursday, November 17. We had published the question below a few days before earnings report was released:

Best Buy Co., Inc. (BBY) is scheduled to report its Q3 earnings on Thursday, November 17 before the market open. Will Best Buy report earnings per share (EPS) above Wall Street Consensus of $0.47?

Cindicator users thought that the probability of Best Buy to reveal better-than-expected earnings was 75 percent. Therefore, we had bought a few shares of BBY at $40.47 average right before the market close on Wednesday, November 16.

The electronics retailer announced stronger-than-expected fiscal third-quarter results. Best Buy reported $0.62 earnings per share versus the analyst’s estimate of $0.47. Total sales beat estimates by 1.1%. BBY stock soared to a new 52-week high during Thursday trading.

Despite the fact that the stock climbed above $46 in afternoon trading on Thursday, November 17, we failed to hold our position for that long and sold it at $42.92 average.

Overall, gross profit was 1.29% in less than 24 hours.

Happy trading,

Cindicator team

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