Investors, are you in the market for a piece of a big box retailer that’s failing to adapt to the sea-changes brought on by the internet? Then Best Buy (BBY) has a deal for you! Specifically, their stockholders do, who are letting shares of the company go for low, low prices!
And thousands of them are taking advantage!
The Departing Executive Sale!
Investors are selling their shares of Best Buy to celebrate the fact that Best Buy’s President of US Retail, Shawn Score, retired after 27 years. No reason was given for Score’s departure, but investors apparently didn’t need one to start the celebration early, and began offering stock for sale at increasingly cheaper prices as soon as trading began.
Best Buy’s stockholders are simply bananas about selling as much of the company as they can. Just when it seems the price of the company couldn’t get lower, it does! In fact, so keen are Best Buy investors on selling the share price of Best Buy that they’re now doing so at an insane discount!
Shares of Best Buy haven’t seen a one-day sale like this since Jan 14, when they were discounted 30 percent on a crazy bad holiday shopping season!
Stock Prices Have Been Slashed!
Shares of Best Buy are 36.54 cheaper than they were at the beginning of the year. That is the biggest price drop from Jan 1 to April 15 in the entire S&P 500. No blue chip can beat their rock-bottom prices!
This also stands in stark contrast to 2013, when Best Buy’s shares gained the most of any company. But rising prices simply aren’t Best Buy’s style!
Rather than follow the lead of rivals like Amazon Inc. (AMZN) , whose stock always seems to get more and more expensive, Best Buy’s gets cheaper! Call Best Buy’s current market performance a throwback sale – after all, Best Buy’s shares were deeply discounted in 2012 as well, the last time the company's investors had a fire sale. And now they're at it again!
By 1:15 PM EST Best Buy’s stock was down 4.57 percent on the day to hit $24.54 a share. THAT’S CHEAP!
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer