The tech retailer beat second-quarter top- and bottom-line estimates
Best Buy Co Inc (NYSE:BBY) is up 5.1% to trade at $77.80 this morning, after the retailer topped analysts' second-quarter earnings and revenue expectations. The company also cut the top end of its full-year revenue outlook, with CEO Corie Barry calling this year "the low point in tech demand."
So far, 19,000 puts and 13,000 calls have crossed the tape, or 13 times the intraday average volume. New positions are opening at the two most popular positions, the weekly 9/1 73- and 74-strike puts, respectively.
Analysts have yet to weigh in, but the majority were bearish ahead of the event. In fact, 17 of 19 covering brokerages rate Best Buy stock a "hold" or worse." Meanwhile, short interest is up 13% in the most recent reporting period, and represents 5.5% of BBY's available float.
Macy's (M) warned of slowing consumer demand on Aug. 22, which had sector-wide implications. Best Buy stock shed 5.9% during that session, gapping below its 80-day moving average in the process. That same trendline is keeping today's gains in check, as BBY stands 2.2% lower in 2023.