Investors are keeping a close eye on Best Buy earnings Tuesday before the bell to see if the electronics retailer benefited from the government stimulus checks. According to Piper Jaffray, Best Buy should "continue to capture market share due to continued strength in laptops and its expanded assortment of both Apple and Dell products.”
They investment bank maintains a "Buy" rating and $54 price target on the stock. Meanwhile, Best Buy announced plans to open three stores in China as part of a larger effort to expand their international presence which sent shares higher by the close.
I’m not a buyer of Best Buy, says Jon Najarian. But for a related play I’d look at Tom-Tomand Garmin , he suggests. And I also like Marvell Technologies . Options action suggests to me that this stock could go higher.
It’s a tough space, counters Jeff Macke. The only think they sell at Best-Buy which I think you can trade is Activision .
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Trader disclosure: On June 13, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (ATVI), (INTC), (MSFT), (DIS); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (NUE), (MSFT), (INTC), (MSFT), (DIS); Pete Najarian Owns (ANR), (BHI), (CHK), (TSO), (XLF), (HPQ); Pete Najarian Is Short (KEY); Pete Najarian Owns (BAC) Puts, (WFMI) Puts, (FITB) Puts; Pete Najarian Owns (EXM) And (EXM) Puts; Pete Najarian Owns (AAPL) And (AAPL) Puts; Finerman Owns (GS); Finerman's Firm Owns (MSFT), (NYX), (SUN), (TSO), (VLO), (PM), (MO); Finerman's Firm Owns SPX Index Puts; Finerman's Firm Is Short (BIG), (IYR), (IJR), (MDY), (IWM), (SPY); Finerman's Firm Is Long (AAPL) Out-Of-The Money Calls; Finerman's Firm And Finerman Own (C) And (C) Leaps; Finerman's Firm Is Short The British Pound
Jon Najarian Owns (GRMN), (MRVL); Jon Najarian Is Long Call Spreads In (AAPL)