Trading Best Buy's Surprising Miss

Results from Best Buy caught the Street off guard on Tuesday with shares tumbling on worse than expected numbers.

The company cited the weak consumer for lower sales of flat panel TV's, video games and movies.

By the numbers, net profit was $155 million, or 36 cents a share, compared with $153 million, or 36 cents a share, a year earlier. Analysts on average were expecting a profit of 50 cents a share, according to Thomson Reuters.

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What should you make of it?

I hate to make too much of one quarter but I’d watch the numbers carefully next quarter to see if it’s the start of a trend, counsels Guy Adami.

I’d use the pull back as a buying opportunity, says Janney Montgomery analyst David Strasser on the Fast Money Halftime Report. There are so many great products coming that I think they have a strong second half. But you have to be patient.

In case you’re wondering Strasser has a ‘Buy” rating on Best Buy with a $41 price target.

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Trader disclosure: On June 15, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders: Finerman and Finerman’s Firm owns (AAPL); Finerman’s Firm owns (BAC) stock and calls; Finerman and Finerman’s Firm own (BAC) preferred; Finerman and Finerman’s Firm owns (BBY); Finerman owns (BP) calls; Finerman and Finerman’s Firm owns (C); Finerman and Finerman’s Firm own (CVS); Finerman owns (GLW); Finerman (JPM); Finerman’s Firm owns (RIG); Finerman’s Firm owns (WMT); Finerman’s Firm is short (IJR); Finerman’s Firm is short (IWM); Finerman’s Firm is short (MOY); Finerman’s Firm is short (SPY); Terranova owns (IPSU), (BX), (PFE), (GMCR), (RSX), (TER), (AXP), (BMO), (BBY), (DIS), (XCO), (SWN), (GLD), (AAPL), (IPI), (SU), (V), (TEVA), (FXE), (FXB); Terranova owns UK Pounds; Terranova owns Euros; Terranova is short the US Dollar; Terranova owns S&P Futures; Adami owns (AGU), (BTU), (NUE), (C), (GS), (INTC), (MSFT); Adami’s wife works at Merck; Grasso owns (ABK), (BAC), (BGP), (C), (DYN), (JPM), (LPX), (NDAQ); Kelly owns (GLD); Kelly owns (GDXJ); Kelly owns (BP) puts; Kelly is short (GS)

For Joe Terranova
Terranova works for (VRTS)
Terranova is chief market strategist of Virtus Investment Partners, LTD.
Virtus Investment Partners owns more than 1% of (AMKR)
Virtus Investment Partners owns more than 1% of (IGE)
Virtus Investment Partners owns more than 1% of (DBV)
Virtus Investment Partners owns more than 1% of (XLB)
Virtus Investment Partners owns more than 1% of (XLV)
Virtus Investment Partners owns more than 1% of (XLY)
Virtus Investment Partners owns more than 1% of (XLI)
Virtus Investment Partners owns more than 1% of (XLU)
Virtus Investment Partners owns more than 1% of (DRYS)

For Steve Grasso
Stuart Frankel & Co and it’s partners own (BAX)
Stuart Frankel & Co and it’s partners own (CUBA)
Stuart Frankel & Co and it’s partners own (DHR)
Stuart Frankel & Co and it’s partners own (GERN)
Stuart Frankel & Co and it’s partners own (HSPO)
Stuart Frankel & Co and it’s partners own (MERC)
Stuart Frankel & Co and it’s partners own (MSFT)
Stuart Frankel & Co and it’s partners own (NWS.A)
Stuart Frankel & Co and it’s partners own (NYX)
Stuart Frankel & Co and it’s partners own (PDE)
Stuart Frankel & Co and it’s partners own (PFE)
Stuart Frankel & Co and it’s partners own (PRST)
Stuart Frankel & Co and it’s partners own (RDC)
Stuart Frankel & Co and it’s partners own (SYMC)
Stuart Frankel & Co and it’s partners own (TLM)
Stuart Frankel & Co and it’s partners own (TRV)
Stuart Frankel & Co and it’s partners own (XRX)
Stuart Frankel & Co and it’s partners own (SDS)
Stuart Frankel & Co and it’s partners own (TBT)
Stuart Frankel & Co and it’s partners are short (QQQQ)
Stuart Frankel & Co and it’s partners are short (AAPL)

Dan Niles
Niles and Alpha One Capital own AAPL, BIDU, PWER, VECO, BMI, ITRI, AKAM, AMR & AAI
Niles and Alpha One Capital are short BBY, STD, BBVA, UBS

Scott Nations
Scott Nations owns (MSFT)

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