{"id":63578,"date":"2022-08-30T09:03:47","date_gmt":"2022-08-30T13:03:47","guid":{"rendered":"https:\/\/blog.t3live.com\/?p=63578"},"modified":"2022-08-30T09:03:47","modified_gmt":"2022-08-30T13:03:47","slug":"coffee-with-greta-best-buy-sales-tumble-the-stock-is-still-up","status":"publish","type":"post","link":"https:\/\/blog.t3live.com\/2022\/08\/30\/coffee-with-greta-best-buy-sales-tumble-the-stock-is-still-up\/","title":{"rendered":"Coffee With Greta: Best Buy Sales Tumble, the Stock is Still Up"},"content":{"rendered":"

DJIA Futures: <\/b>+134 (+0.4%)<\/span><\/p>\n

SPX Futures: <\/b>+20 (+0.5%)<\/span><\/p>\n

NASDAQ Futures: <\/b>+86 (+0.7%)<\/span><\/p>\n

Good morning friends!<\/span><\/p>\n

Futures are popping after back-to-back losing sessions.\u00a0<\/span><\/p>\n

Let\u2019s get right to it!<\/span><\/p>\n

Best Buy Tops Q2 Expectations Even As Sales Tumble<\/span><\/h2>\n

Best Buy <\/b>(BBY) shares are up 1.6% ahead of the open after beating fiscal Q2 expectations.\u00a0<\/span><\/p>\n

The electronics retailer reported adjusted earnings of $1.54 per share on $10.33 billion in revenue.\u00a0<\/span><\/p>\n

That was better than analysts\u2019 expectations for adjusted EPS of $1.27 on $10.24 billion in revenue.\u00a0<\/span><\/p>\n

Same-store sales dropped 12.1% year over year in the quarter as inflation forced consumers to pull back on spending.\u00a0<\/span><\/p>\n

That was better than Best Buy\u2019s forecast for a 13% drop.<\/span><\/p>\n

The CEO said Best Buy is \u201cfocused on balancing our near-term response to difficult conditions and managing well what is in our control.\u201d<\/span><\/p>\n

The company did not give specific guidance but said it expects a larger sales decline in Q3.<\/span><\/p>\n

Big Lots Rises on Smaller Q2 Loss than Expected<\/span><\/h2>\n

Big Lots <\/b>(BIG) shares are up 1.4% in premarket trade after reporting a smaller-than-expected loss in the second quarter.\u00a0<\/span><\/p>\n

The discount retailer reported an adjusted loss of $2.28 per share on $1.35 billion in revenue.\u00a0<\/span><\/p>\n

That was better than analysts\u2019 expectations for an adjusted loss of $2.47 per share on $1.46 billion in revenue.\u00a0<\/span><\/p>\n

Same-store sales fell 9.2% vs expectations for a 9.8% decline.\u00a0<\/span><\/p>\n

The CEO said, “We remain laser focused on helping our customers navigate these challenging times by delivering outstanding value across our assortment.”<\/span><\/p>\n

Big Lots forecast same-store sales will be down in the low double-digit range in the current quarter.\u00a0\u00a0<\/span><\/p>\n

Oil Prices Fall on Demand Concerns<\/span><\/h2>\n

Oil prices are lower today as the market anticipates higher interest rates will cause an economic slowdown and soften demand.\u00a0<\/span><\/p>\n

West Texas Intermediate crude futures are down 2.4% to under $95 bbl while Brent crude futures are down 2.9% to $102 bbl.\u00a0<\/span><\/p>\n

The Fed is expected to continue aggressive rate hikes with the Fed Chair saying it will likely cause some economic hardship.\u00a0<\/span><\/p>\n

The oil market has been in a back and forth between demand concerns and supply worries.\u00a0<\/span><\/p>\n

The American Petroleum Institute releases its data on U.S. inventory levels later today.<\/span><\/p>\n

Consumer Confidence Expected to Rebound<\/span><\/h2>\n

The University of Michigan releases its final August consumer confidence index at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

That survey is expected to show confidence rose to 97.4 this month from 95.7 in July.\u00a0<\/span><\/p>\n

Consumers have been feeling better about the impact of inflation since the Fed began larger rate hikes to tackle high prices.\u00a0<\/span><\/p>\n

Lower gas prices have also alleviated some of the price concerns among Americans.\u00a0<\/span><\/p>\n

JOLTS on Deck<\/span><\/h2>\n

The Labor Department\u2019s July Job Openings and Labor Turnover Survey (JOLTS) will be released at 10:00 a.m. ET.\u00a0<\/span><\/p>\n

That survey is expected to show the number of job openings in the U.S. economy dropped to 10.3 million last month from 10.7 million in June.\u00a0<\/span><\/p>\n

That would be the second straight monthly decline but available jobs would still outnumber unemployed workers.\u00a0<\/span><\/p>\n

This is the first piece of key labor market data this week.\u00a0<\/span><\/p>\n

ADP releases the August private payrolls report on Wednesday followed by the official Labor Department August jobs report on Friday.<\/span><\/p>\n

In Case You Missed It<\/span><\/b><\/h2>\n