One of the most unexpected retail stocks blasted off today, gaining over 20% on the day. The stock was Best Buy
One of the interesting metrics was Best Buy's online sales. In an era where everyone thinks Amazon
In addition, while other retail stores have blamed late tax refund checks as their excuse for missing earnings, Best Buy actually said that part of their strong growth last quarter was at the tail end of the quarter due to those late refund checks. They also said that the momentum from late refund checks was just beginning and will likely spill over into the following earnings release.
Investors went absolutely crazy over the news. Shares started the day up over 13% and as the day progressed the bulls appetite only grew. Shares closed the day up 21.48%, ending at all time highs along with the Nasdaq and S&P. Just like the markets, Best Buy seems in a never ending uptrend that was only magnified by today's good news.