Bulls Shopping at Best Buy Ahead of Earnings (BBY)

Shares of Best Buy Inc. BBY are higher on the session by 2.07%, currently trading at $34.58. The stock has been moving largely lower over the past six months, off from recent highs near $48.75. The stock has struggled with the 50-day moving average over that period and is touching that level once again. There has been a growing bearish sentiment on the name ahead of its earnings report tomorrow, before the opening bell. But, just a few minutes ago, the October $35.00/37.00 1x2 call spread was purchased 3,500 times by 7,000 times, for a net debit of $0.17. Volume exceeded open interest on both strikes. This represents a moderately bullish tone on the stock, which is notable given the fact that every pundit seems to be bearish on the name. 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. For more great research like this, as well as how to play it through options…please visit Benzinga’s Options & Volatility Edge and Benzinga’s Cash Generator.