BBY: Best Buy

December 14, 2010 by staff 

Bby, There are some titles that are gaping down this morning in reaction to bad Best Buy (NYSE: BBY) reported earnings. Stocks like RadioShack (NYSE: RSH), and Corning (NYSE: GLW) are down about 3% on revenues missed. Corning is interesting to note in particular that Best Buy has said that TV sales have been well south of the estimates.

Other stocks yawning because of poor reporting of results are Landec Corp. (NASDAQ: LNDC [Free Trend Analysis]), which is down about 1.26% and FuelCell Energy Inc. (NASDAQ: FCEL), which is down about 14.3%.

OptionsXpress (NASDAQ: OXPS [Free Trend Analysis]) is down sharply for no apparent reason.

International Coal Group (NYSE: ICO) is a sharp decline after the coal company announced a common stock offering of 34,846,500 shares.

Huntington Bancshares Incorporated (NASDAQ: HBAN) is down just over 3% after the company announced its offer price to 920 million. The price was at 6.30 per share.

Night action has been relatively limited, with modest gains across Asia (+0.2% Nikkei, Shanghai 0.1%, Hang Seng +0.5%), and stable markets in Europe at the mid-day (+0.2% FTSE, DAX -0.1%, CAC -0.1%). Resistance in Shanghai could be found in stocks related products, Jiangxi Wannianqing Cement closed up the daily limit of 10% after the company reported a jump in sales and prices may lead to an increase of 150% of net. The euro is higher against the dollar again this morning (0.0050 to 1.3440), but gave up much of his winnings. Stories overnight suggested that the European Central Bank may request capital increase to help solve the problems of European debt.

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