Pfizer’s Dividend Needs Viagra
Pfizer fails to hike its dividend for the first time since man walked on the moon, and Best Buy jumps on good news.
Best Buy Shares Up 15% On Earnings
Best Buy (nyse: BBY – news – people ) shares are up over 15% so far Tuesday morning, despite profits dropping 77% to $52 million, or 13 cents a diluted share, for the third quarter that ended Nov. 29, from $228 million, or 53 cents a share, a year earlier.
Revenues did rise 16% to $11.5 billion, which included Best Buy Europe results. The company is announcing it will be offering buyout packages to its 4,000 corporate employees, as well as cutting new store openings next year. Same-store sales were off 6.3% in the U.S. but rose 0.3% overseas.
Looking for the best dividend-paying stocks? Check out Dividend.com’s comprehensive dividend stock rankings.
The company is standing by its annual profit forecast of $2.30 to $2.90 a share, which it reduced last month from a prior view of $3.25 to $3.40 a share.
We had removed shares of BBY from our “recommended” list back on Sept. 17, when the stock was trading at $42.40. The company has a dividend yield of 2.39%, based on Monday night’s closing stock price of $23.47. We would not chase shares here, but instead look to see them consolidate for a bit before considering a position. If shares do weaken, we would look at the $13 to $14 area for technical support.
Best Buy is not recommended at this time, holding a Dividend.com rating of 3.2 out of five stars.
Related posts:
- Eli Lilly’s Earnings Rise on Cialis
- Eli Lilly (Cialis manufacturer) seen posting positive 1Q results
- Pfiltering Through Pfizer’s Year
- FDA to review NexMed NDA for erectile dysfunction drug
- Cialis Is The Drug For Loving
Comments
Leave a Reply