Best Buy (BBY) NewsBite - Analysts' Comments Pull Down BBY

Thu. July 10, 2008; Posted: 10:25 AM

Jul 10, 2008 (Fresh Brewed Media via COMTEX) -- BBY | Quote | Chart | News | PowerRating -- Best Buy (BBY) opened at $39.85. So far today the stock has hit a low of $38.25 and a high of $40.06. BBY is now trading at $38.42, down 1.43 (-3.59%). After hitting a one-year high of $53.9 in December, the stock has hit a new one-year low today. Shares of BBY are declining after an analyst at research company RetailMetrics LLC noted that, despite moderately encouraging same-store sales in June, retailers could face challenges through the remainder of the year. Rebate checks helped retailers this month, he notes, but they only provided a "one-time bump." He added that the back-to-school season is going to be challenging for retailers, which could be bad news for BBY. Technical indicators for BBY are bearish and steady, while S&P gives the stock its highest 5 STARS (out of 5) strong buy rating. If you're looking for a hedged play on this stock, consider a September bear-call credit spread above the $47.50 range. BBY hasn't been above $47.50 since January and has shown resistance around $41 recently. This trade could be risky if the company's earnings (due out on 9/16) are a positive surprise, but even if that happens, this position could be protected by resistance BBY might find at its 200 day moving average, which is currently around $46 and falling.

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For full details on Best Buy Co Inc (BBY) click here. Best Buy Co Inc (BBY) has Short Term PowerRatings of 7. Details on Best Buy Co Inc (BBY) Short Term PowerRatings is available at This Link.

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