Dear Valued Visitor,

We have noticed that you are using an ad blocker software.

Although advertisements on the web pages may degrade your experience, our business certainly depends on them and we can only keep providing you high-quality research based articles as long as we can display ads on our pages.

To view this article, you can disable your ad blocker and refresh this page or simply login.

We only allow registered users to use ad blockers. You can sign up for free by clicking here or you can login if you are already a member.

Best Buy Co Inc (BBY) Saved By OPEC and Oil Prices

Best Buy Co Inc (NYSE:BBY) made a failed attempt, (thank God for that), to obstruct its  own sales on Black Friday. Technical failure is what the company was afflicted with, when its website remained out of service for a considerable time. However, the news from OPEC’s meeting and the consequent ‘still’ declining oil prices saved the day for the retailer of technology products. Bloomberg’s Julie Hyman reported the news.

Best Buy Co., Inc. (NYSE:BBY)

“[…] Consumer electronics is one of the items that you look for during the Black Friday weekend as being heavily discounted. It is really an area that is emphasized at various retailers so at Best Buy Co Inc (NYSE:BBY) where that is what they do, that is their bread and butter, obviously that is an issue for them. If you look at the stock in reaction to this, we are still seeing gains in Best Buy shares […],” said Hyman.

The website was up and running later, and any lost revenues were seen as a mere background noise in light of the oil prices that Best Buy Co Inc (NYSE:BBY) will be benefiting from in the upcoming months. Hyman explained that it was not just this particular retailer that benefited from the bleak fate of oil companies, at least in the near future, but profitable reverberations were felt throughout the sector in terms of stock price.

“[…] So we are seeing consumer discretionary stocks actually lead the gains that we are seeing overall in the stocks today. Of course the other side of all of that is that the energy stocks are the worst performers, that is because of what we are seeing with the oil prices, which then also is a positive for the consumer discretionary companies,” remarked Hyman.

At the end of the topsy turvy day that was marked by thin levels of trading, Best Buy Co Inc (NYSE:BBY) shares were up 1.7% and were trading at $39.4 at the closing bell.

Warren Buffett and BillionairesFree Report: Warren Buffett and 12 Billionaires Are Crazy About These 7 Stocks

Let Warren Buffett, David Einhorn, George Soros, and David Tepper WORK FOR YOU. If you want to beat the low cost index funds by an average of 6 percentage points per year look no further than Warren Buffett’s stock picks. That’s the margin Buffett’s stock picks outperformed the market since 2008. In this free report, Insider Monkey’s market beating research team identified 7 stocks Warren Buffett and 12 other billionaires are crazy about. CLICK HERE NOW for all the details.

Biotech Stock Alert - 20% Guaranteed Return in One Year

Hedge Funds and Insiders Are Piling Into

One of 2015's best hedge funds and two insiders snapped up shares of this medical device stock recently. We believe its transformative and disruptive device will storm the $3+ billion market and help it achieve 500%-1000% gains in 3 years.

Get your FREE REPORT and the details of our 20% return guarantee today.

Subscribe me to Insider Monkey's Free Daily Newsletter
This is a FREE report from Insider Monkey. Credit Card is NOT required.
Loading Comments...

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 102% in 3 years!! Wondering How?

Download a complete edition of our newsletter for free!