Stocks slipped on Tuesday as investors digested a sharp rebound from a strong sell-off last week.US Marketsread more
For investors still haunted by last week's monster sell-off, the market's comeback is set to last, according to J.P. Morgan's quant guru.Marketsread more
A U.S.-China trade deal would be less likely if President Xi cracks down violently on the large-scale protests in Hong Kong, Secretary of State Mike Pompeo tells CNBC.Politicsread more
The launch follows a "preview" earlier this month that allowed only limited customers to apply.Technologyread more
Home Depot's CEO says the retailer cut its outlook partly due to "the potential impacts to the U.S. consumer arising from recently announced tariffs."Retailread more
Energy stocks may be fueling up for a comeback rally. One technical analyst says that after the sector's pummeling, these two stocks look particularly good.Trading Nationread more
U.S. interest rates will keep falling and follow global interest rates all the way down to zero, hedge fund manager Kyle Bass said.Marketsread more
Financial advisers are always "buying at the wrong time and selling at the wrong time because they're emotional," the billionaire founder of Baron Capital says.Marketsread more
"We think the stock is appealing once again," J.P. Morgan says of Beyond Meat.Marketsread more
Bruce Linton says he bought more stock in Canopy Growth — even though the cannabis company he co-founded fired him earlier this summer.Health and Scienceread more
A new probe could bring more pressure to some of the nation's largest tech firms, which are already facing federal scrutiny.Technologyread more
Best Buy shares cratered nearly 8 percent Tuesday as the company unveiled a new set of financial goals for fiscal 2021.
The consumer electronics retailer is meeting with analysts later Tuesday at its first investor meeting in five years to discuss its next phase of growth.
Chief Executive Hubert Joly told CNBC its turnaround program, dubbed "Renew Blue," was aimed at fixing "what was broken" and now the retailer can focus on growth opportunities. Those include growing its connected home and smartphone businesses and piloting a service called Assured Living that will use technology to help adult children monitor their aging parents.
During the past five years, Best Buy reaped $1.4 billion in cost savings, but it is targeting $600 million in further savings by the end of fiscal year 2021.
On the top line, Best Buy is hoping to grow revenue by $3.6 billion over the next five years. It would bring enterprise revenue — or the total revenue for the U.S., Mexico and Canada – to $43 billion by the end of fiscal 2021 from $39.4 billion in fiscal 2017.
The company also is seeking to increase its fiscal year 2021 adjusted operating income to more than $1.9 billion, from $1.7 billion in fiscal 2017. It aims to grow adjusted earnings per share to between $4.75 and $5, which the company said represents an 8 to 9 percent compound annual growth rate from fiscal 2017.
In heavier-than-usual-trading, Best Buy shares fell nearly 8 percent, though at one point the stock sank as low as $52.51. The retailer's stock is up more than 25 percent this year, according to FactSet.