Why Best Buy Stock Gained Today

Best Buy Co., Inc. BBY shares are trading higher on Wednesday in sympathy with Target TGT, which reported strong third-quarter financial results.

What To Know: Shares of retail and e-commerce companies received a boost on Wednesday from Target's fantastic third-quarter earnings report.

The company reported quarterly earnings of $2.10 per share which exceeded the Street's estimate of $1.48, a 36.36% increase over earnings of $1.54 per share from the same period last year.

Revenue of $25.40 billion beat the analyst consensus estimate of $25.31 billion, a 4.22% decrease over sales of $26.52 billion the same period last year.

While Target reported that comparable sales fell 4.9%, same-day services grew 8%. Also, the company sees fourth-quarter earnings between $1.90 and $2.60 per share, versus the estimate of $2.24, and a mid-single digit decline in comparable sales.

Best Buy is set to report its third-quarter earnings on Nov. 21, with earnings estimated to be $1.19 per share and revenue estimated to be $9.91 billion.

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BBY Price Action: Shares of BBY were up 3.40% at $68.74 at the time of publication, according to Benzinga Pro. 

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