Best Buy (NYSE: BBY)

On Thursday before the market opened, Best Buy ($BBY) announced third quarter results that missed analyst expectations and sent shares sliding in the premarket.

The company announced earnings per share of 78 cents on $9.32 billion in revenue while analyst were looking for 78 cents per share on $9.36 billion in revenues.

However, on a positive note, they did raise guidance for Q4 with revenues ranging between $14.2-14.5 billion with adjusted EPS between $1.89-1.99.

BBY Technicals

As you can see in the 5-minute chart above, shares of BBY took a dive following Q3 results and are currently trading at $55.26 after closing Wednesday at 57.30, marking a 3.5% drop in value.

Some important support levels to take note of will start at $54 followed up by the low in the premarket currently at $51.90. After that we are looking at $50 as a major level of support.

Resistance will be met at $56 followed up by $57 and yesterdays high at $57.43. Shares will be volatile today which should provide plenty of opportunity with this name.

CEO Comments

“In the third quarter, we delivered strong top and bottom line results with 4.4% comparable sales growth and 30% EPS growth,” said Hubert Joly, Best Buy chairman and CEO. “Technology innovation is fueling demand and our strategy is resonating with our customers. We are also making significant progress against our Best Buy 2020 strategy and are excited about the opportunities for long-term value creation. And while we are investing in key initiatives and capabilities, we are also able to generate significant returns for our shareholders through the growth of our EPS and our capital allocation strategy.”