Goldman Sachs Closing Its Short Calls on Best Buy (BBY)

Goldman Sachs is out with a research note this morning, where it tells customers to close out its previously recommended short call position in Best Buy BBY. The analyst said, “We recommend closing [the] short June $33 Call positions in Best Buy at $0.71 (ask) (2.4%, stock $29.98). We recommended selling these options at $1.26 (4.0%, stock $31.42) on March 23, as in our view, the implied volatility for the calls was elevated into earnings.” The next major catalyst for BBY that GS sees is on April 14th, which is their analyst day. Best Buy Co., Inc. is a multinational retailer of consumer electronics, home office products, entertainment software, appliances and related services. It operates in two segments: Domestic and International.