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Jim Cramer noted that the anticipated AI-driven PC upgrade cycle appears to be stalled, with recent earnings from Dell, HP, and Best Buy disappointing investors. While Best Buy reported encouraging PC sales, they were primarily due to demand for newer models rather than AI features. Cramer remains optimistic about a future refresh cycle, especially as support for Windows 10 ends next year, despite the current slow pace.
Walmart+ members can access Cyber Monday deals starting at 5 p.m. ET, with general access at 8 p.m. ET. The Apple Watch Series 10 is currently available for $329, a $70 discount, as part of ongoing Cyber Week sales. Annual Walmart+ subscriptions are on sale for $49 through Dec. 2, and items purchased now can be returned until Jan. 31, 2025.
This Black Friday, significant savings are available on various Apple products, including the 2024 MacBook Air, discounted by up to $255, and the Apple Watch Ultra 2, now $39 off. Retailers like Amazon, Walmart, and Best Buy are offering competitive deals, making it a great time to shop for Apple devices.
This holiday season, real sales growth is projected between 0.5% and 1%, a significant decline from pre-pandemic averages, largely due to inflation. While consumer confidence has improved post-election, many shoppers express concern over rising prices, leading to reduced spending intentions. Categories like furniture and electronics are expected to struggle, while apparel and groceries may see modest growth.
TCW Group Inc. now holds 316,593 shares of Best Buy, valued at $32.7 million, after acquiring 193,209 shares last quarter. Toronto Dominion Bank increased its stake by 82.2%, owning 102,292 shares worth $10.6 million. Hedge funds and institutional investors own 80.96% of the stock. Best Buy's stock has a "Moderate Buy" rating, with analysts adjusting price targets, while the company reported a quarterly EPS of $1.34, exceeding estimates.
Best Buy Co., Inc. is a leading retailer in consumer electronics, offering a wide range of products including computers, televisions, cameras, and household appliances. The company operates 965 stores in the U.S., primarily under the Best Buy brand, and 160 stores in Canada, with a significant online presence through various websites.
UBS has lowered its price target for Best Buy (BBY) from $123 to $115 while maintaining a Buy rating on the shares. The adjustment comes as the company's Q3 results may exert slight pressure on future estimates, yet UBS still views the stock as a compelling risk-reward opportunity.
Jim Cramer urged investors not to dismiss Big Tech megacap stocks, highlighting their recent rebound after declines. He noted positive analyst reports for Apple and Amazon, while suggesting that Meta and Microsoft may have benefited from strong sales in AI PCs and Nvidia's new AI product launch. Cramer emphasized the importance of investing in these companies rather than underestimating them.
Stocks are nearing all-time highs, with the S&P 500 rising for the seventh consecutive day, driven by optimism despite geopolitical risks and tariff announcements from President-elect Trump. The index is on track for its 52nd record this year, with analysts predicting continued gains into 2025. Meanwhile, corporate performances varied, with notable declines for Amgen and Kohl's, while Eli Lilly benefited from potential government support for weight-loss drugs.
Best Buy's recent quarter fell short of expectations, with management revising their outlook for the rest of the year downward. Anticipating this outcome, a strategic plan is in place to address the challenges ahead.
Best Buy Co., Inc.
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