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Best Buy Gains Could Suggest Retail Pessimism Slightly Overdone For Now

US

Best Buy misses earnings estimates this morning and guides lower for the next year, citing worsening macro conditions since their last guidance...but the stock is up 9+% pre-market.

  • Some desks are citing the retailer's same-store metrics as not being as bad as feared and margins close to expectations for the rally.
  • But overall it may be a sign the outlook for US retailers had gotten too pessimistic following last week's Target and Walmart releases.

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