Best Buy Now Lower After Earnings (BBY)

After Best Buy BBY released its earnings this morning, the stock initially got a pop at the open, trading up more than 3%. Currently, however, the shares are down around 2% at $31.30. The company reported Q4 adjusted earnings per share of $1.98 compared to analysts' consensus estimates of $1.85. Revenues were down to $16.26 billion versus $16.55 billion in the year ago quarter. This came in slightly ahead of Street consensus which called for revenue of $16.30 billion. Looking ahead, Best Buy sees adjusted earnings per share between $3.30 and $3.55 in fiscal 2012. This compares to current Wall Street EPS estimates of $3.56. Revenue is anticipated to be between $51 billion and $52.5 billion for fiscal 2012. This compares to current analysts' consensus revenue estimates of $52.17 billion.