QuickTrade n. 104 : BBYLong, looking for a continuation of this bullish cross
Short, looking for a fake-cross
BUY trade ideas
QuickTrade n. 79 : BBYShort : Easy signal looking for a test of the previous low
Long : Looking for a nice move of the 21h maybe crossing up the 50h
Why is short interest in Best Buy less than its peers? What is the short interest in consumer electronics retailer Best Buy (NYSE: BBY) ahead of its second-quarter financial results on August 30?
On the last trading day, Best Buy had roughly 12 million shares in short interest, reflecting 5.97% of its outstanding shares. By midday Aug. 19, 5.5 million Best Buy shares are available to be shorted, according to management consulting company Fintel.
BBY stock dipped nearly 4% at close of trading Aug. 19 and had another marginal decline at the start of this week. The company’s stock was almost in the green last week, after peaking at $86.35 on Tuesday, and creating a new multi-month high. However, BBY eventually closed lower on the week thanks in part to the aforementioned 4% drop.
Keeping off the most shorted list
Despite the challenges it had to endure, Best Buy remains absent from the list of most shorted stocks.
The list of stocks on the most-shorted list in August, include Intercept Pharmaceuticals (NASDAQ: ICPT), Bed Bath & Beyond (NASDAQ: BBBY), MicroStrategy (NASDAQ: MSTR), WeWork (NYSE: WE), Upstart (NASDAQ: UPST), and Beyond Meat (NASDAQ: BYND). All the above stocks have short interest above 35.00% of its outstanding shares.
Best Buy's peer group average for short interest as a percentage of float is 25.57%, which means it has far less short interest than most of its peers.
Second-quarter outlook
Like other retailers, the company is sailing in murky waters given current macroeconomic conditions. High inflation rate, interest hikes and even energy cost could add more challenges to these companies.
For Best Buy, some think the company's revenue and profitability are on-track to recovery after record-lows in the first quarter, setting the stage for a long-term rebound after bottoming in July.
However, Best Buy, may not be so bullish in its own outlook. BBY is slated to announce second-quarter results on August 30 and it expects to report a roughly 13% decline in comparable sales and an approximately 7.5% hike in revenue compared with the pre-pandemic second quarter of fiscal-year 2022.
Best Buy CEO Corie Barry said, "as high inflation has continued and consumer sentiment has deteriorated, customer demand within the consumer electronics industry has softened even further, leading to Q2 financial results below the expectations we shared in May."
The company also plans to suspend share buybacks but assured the payment of quarterly dividends.
$BBY a "Best Buy" at these prices Best Buy is looking very attractive at these levels currently trading at a 8 PE ratio with over a 4% dividend yield at a 33% payout ratio. It is currently being priced for flat to declining revenue in the short term. Regardless of this their fundamentals are very strong and financials are very healthy so even in this scenario they will be returning capital to shareholders though dividends and buy backs which they have a very robust balance sheet to support. Their interest expense is near non existent so they will not be negatively from rising rates and will have access to cheap capital if they ever need it. Additionally they have a very high ROIC around 25% while WACC is sub 10% so they are in a very financially good position to take advantage of any growth opportunities.
Technically they are near their bottom channel puncturing the weekly moving averages and is testing a former consolidation area from 2017-2020
$BBY with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $BBY after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 71.43%.
BBYMID-TERM: Bullish gartley, wedge, support, triple classic bullish divergence. (not financial advice)
BBYBest Buy
Trend:
Below 50,100 and 200 EMA
Positive ADX, DI below 20
Trend seems to be weak
Macro impact:
Consumer cyclical stock are not a good buy
Inflation impact on consumer purchase
High interest impacting credit buying
Recommendation:
Wait for price to cross above the resistance @ 97.96 for re-assessment
Bby falling wedgeFalling wedge for bby on 15min, leads to some breakout, to which some had already started.
May also breakdown more to the downside.
BBY Breakout Above 4.618 WeeklyBBY has broken above and then returned to 4.618 as a support point
Price points in gray rectangles are very similar with their interaction with 4.618
Bullish continuation is very likely
HISTORY WILL REPEAT ITSELF?!WHEN PEOPLE ARE IN FEAR, YOU BUY!. BBY has done this in the past, who would take this risk reward ? Nice dividends, nice chart, nice PE ratio, no sign of bankruptcy and last but not least 3YOY revenue growth.
Short BBY @ 91.96. Fractal breakout.Entered short position on BBY on apr 22 with a fractal breakout to the downside and a sleeping alligator.
Adding if price breaks the weekly fractal of 88.51.
Stop loss is the daily Balance Line (red, if price closes above the Alligator's teeth).
Target, as usual is defined by the market, whenever the trend ends.
$BBY with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish Neutral outlook for $BBY after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 83.33%.
BBY | GuidanceJournal Entry
Bias: Positive.
Sentiment: Optimistic.
Emoji (emotion): Motivated🚵♂️.
Null Hypothesis: Buy.
Alternative Hypothesis: Sell.
Signals: ...
Position: Short term day trade.
Notes: ...
Barron's Company Overview: www.barrons.com .
Other: ...
Tutorial: (Q/A) What exactly is the box labeled tolerance? The box labeled tolerance is a defined range of value & time that qualifies the right to exit the trade after a profit is made; as long as the security is inside the box and above the trade's entry one could say the profit is within tolerance, likewise if the security is outside the box either because of value or time one could say the profit is not within tolerance. It's a way to add parameters to the future outcome (as a means to grade the journal entry) while simultaneously providing leniency in the ability to achieve success with said journal entry.
About the Security: "Best Buy Co., Inc. engages in the provision of consumer technology products and services. It operates through two business segments: Domestic and International. The Domestic segment includes operations in all states, districts, and territories of the U.S., operating under various brand names, including Best Buy, Best Buy Mobile, Geek Squad, Magnolia Audio Video, Napster, and Pacific Sales. The International segment is made up of all operations outside the U.S. and its territories, including Canada, Europe, China, Mexico, and Turkey. It also markets its products under the brand names: Best Buy, bestbuy.com, Best Buy Direct, Best Buy Express, Best Buy Mobile, Geek Squad, GreatCall, Magnolia and Pacific Kitchen and Home. The company was founded by Richard M. Schulze in 1966 and is headquartered in Richfield, MN."
Social: I'm happy to hear from my readers/audience and I encourage constructive feedback; although I'm busy I will give my best effort to reply. I do strive to build an esteemed reputation and plentiful following, I also strive to earn the title as a Tradingview pinescript Wizard and Top Author.
About the Author: I'm a financial scientist and my contributions offered to the community are apart of my scientific journal or goodwill to mankind. With that said I think it's prudent to make two things clear; (1) I'm not a Wall Street retailer, I'm not trying to sell you products or services (2) I'm not a Wall Street advertiser, I'm not trying to market the purchase of securities to you.
Disclaimer: My journal entry is not a complete prospectus, please consider it accordingly.
10/3/2022 NYSE (BBY)Buy (Entry Price) above the black line and exit (Stop Loss) below the red line. Can take profit at the suggested Target Price.
Entry Price: $101.85
Target Price: $104.10
Stop Loss: $98.10
Best Buy Co IncSun Storm Investment Trading Desk & NexGen Wealth Management Service Present's: SSITD & NexGen Portfolio of the Week Series
Focus: Worldwide
By Sun Storm Investment Research & NexGen Wealth Management Service
A Profit & Solutions Strategy & Research
Trading | Investment | Stocks | ETF | Mutual Funds | Crypto | Bonds | Options | Dividend | Futures |
USA | Canada | UK | Germany | France | Italy | Rest of Europe | Mexico | India
Disclaimer: Sun Storm Investment and NexGen are not registered financial advisors, so please do your own research before trading & investing anything. This is information is for only research purposes not for actual trading & investing decision.
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Earnings watch 3/3 pre-marketEarnings watch 3/3 pre-market:
BBY
KR
CNQ
BJ
CPG
BILI
TD
BURL
BIG
TGLS
Do your own due diligence, your risk is 100% your responsibility. This is for educational and entertainment purposes only. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Good luck and happy trading friends...
*3x lucky 7s of trading*
7pt Trading compass:
Price action, entry/exit
Volume average/direction
Trend, patterns, momentum
Newsworthy current events
Revenue
Earnings
Balance sheet
7 Common mistakes:
+5% portfolio trades, capital risk management
Beware of analyst's motives
Emotions & Opinions
FOMO : bad timing, the market is ruthless, be shrewd
Lack of planning & discipline
Forgetting restraint
Obdurate repetitive errors, no adaptation
7 Important tools:
Trading View app!, Brokerage UI
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Reading books, playing chess
Sorted watch-list
Checkout my indicators:
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pi RSI - trend momentum
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BBY This has held support between95.20-94.77 multiple times.
It looks to be in a symetrical triangle or descending triangle. Resiatnce at 100$.
Honestly I’m looking to see a bullish move to the upside sooner the. Later stops below 94. Watch for 101$ breakout
BBY Possibilities NYSE:BBY
NYSE:BBY performed well with the market rally and is forming a falling wedge which is traditionally bullish but nothing is bullish in this current market conditions.
Short BBY @ 100.07. Fractal BreakoutDaily has a closed mouth and yesterday had a fractal breakout. Although opening higher, the daily bar looks like a divergent bar to the downside.
Opening the initial lot (blue light special), with a tight stop loss (the Alligator's teeth).
Best Buy - potential upside 50%+Flat pattern, daily frame.
Move up lately may be the beginning of the uptrend.
Good luck!
Long at these lebelsLooks like the perfect time to buy. Get in some shares or 2-3 months call options.
Best Buy USA Sun Storm Investment Trading Desk & NexGen Wealth Management Service Present's: SSITD & NexGen Portfolio of the Week Series
Focus: Worldwide
By Sun Storm Investment Research & NexGen Wealth Management Service
A Profit & Solutions Strategy & Research
Trading | Investment | Stocks | ETF | Mutual Funds | Crypto | Bonds | Options | Dividend | Futures |
USA | Canada | UK | Germany | France | Italy | Rest of Europe | Mexico | India
Disclaimer: Sun Storm Investment and NexGen are not registered financial advisors, so please do your own research before trading & investing anything. This is information is for only research purposes not for actual trading & investing decision.
#debadipb #profitsolutions
