Stocks to watch: Best Buy, AutoZone
The electronics retailer beats expectations, and the auto parts dealer reports more double-digit earnings growth.
After a seemingly devastating resignation of some at top management, Best Buy (BBY) has reported earnings that exceeded expectations, sending its shares higher in premarket trading. The electronics retailer's revenue for the quarter moved from $11.37 billion earlier this year to $11.61 billion. BBY closed Monday at $18.17.
Automotive replacement parts company AutoZone (AZO) reported third-quarter earnings that beat analyst expectations. The company raked in $2.1 billion in net sales, with same-store sales shooting up nearly 4% for the quarter. Earnings per share increased to $6.28, posting a double-digit growth for the 23rd consecutive quarter. AZO closed Monday at $368.55.
DSW's (DSW) management raised guidance after a 10.9% sales increase to $558.6 million in its first quarter of 2012. Full-year earnings guidance was lifted from $3.25 per share to $3.40, with the footwear retailer approving a quarterly dividend bump from $0.15 a share to $0.18 a share. DSW closed Monday at $55.80.
Following great growth overseas, Salesforce.com (CRM) has decided to add more than 750 jobs throughout Europe over the next few years. The cloud-computing company has more than 20,000 customers in the country, with the number rising daily. CRM is set to host a Cloudforce event Tuesday in London, with more than 14,000 people registered to attend. The pending success of the event could foreshadow a bright future for Salesforce. CRM closed Monday at $149.05.
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All hail the bull market, which ended the week with a big rally. But it also is starting to look a little like 1987, which suffered an epic blow-out.
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