Shares of $BBY Soar to Fresh 52 Week Highs on Earnings Beat and Raise

This bodes well for the retail landscape this holiday season. And, in spite of Samsung, Best Buy is guiding higher. The stock hasn’t been this awesome since 2007, when Tom Tom GPS devices were all the rage.

Reports Q3 (Oct) earnings of $0.62 per share, excluding non-recurring items, $0.15 better than the Capital IQ Consensus of $0.47; revenues rose 1.4% year/year to $8.95 bln vs the $8.85 bln Capital IQ Consensus.

Comps +1.8% vs. +1% guidance.

Domestic revenue of $8.2 billion increased 1.3% versus last year driven by comparable sales growth of 1.8%, partially offset by the loss of revenue from 14 large format and 23 Best Buy Mobile store closures. Industry revenue in the NPD-tracked categories declined 3.1%.4

From a merchandising perspective, comparable sales growth in home theater, mobile phones, wearables and connected home was partially offset by declines in gaming.

Domestic online revenue of $881 million increased 24.1% on a comparable basis primarily due to increased traffic, higher average order values and higher conversion rates. As a percentage of total Domestic revenue, online revenue increased 200 basis points to 10.8% versus 8.8% last year.

Domestic GAAP and non-GAAP gross profit rate was 24.7% versus 24.1% last year. The 60-basis point increase was primarily due to improved margin rates in the computing and home theater categories, which were partially offset by the mobile category.
Co issues mixed guidance for Q4, sees EPS of $1.62-1.67, excluding non-recurring items, vs. $1.58 Capital IQ Consensus Estimate; sees Q4 revs of $13.4-13.6 bln vs. $13.7 bln Capital IQ Consensus; comparable sales change in the range of (1.0%) to 1.0% vs. ests near +1.2%; domestic comparable sales change in the range of (1.0%) to 1.0%; International comparable sales change in the range of (2.0%) to 2.0%

“From a revenue standpoint, we are excited by the rate of technology innovation, the quality of our assortment and our ability to execute. That being said, we have updated our original expectations to incorporate the impact of recent product recalls and the fact that certain products will simply not be available for sale during our fourth quarter. The expected impact of these recalls on our fourth quarter Domestic revenue is ~$200 million.”

UPDATE via Briefing.com, notes from call

In store traffic unchanged while ticket and online traffic is up.

Excited about product innovation.

Vendor partnerships continue to benefit the company.

Gross margin strength computing and home theater categories, which were partially offset by the mobile category.

Best Buy is doing well at the high end of the TV/home entertainment space as co offers the best customer experience in terms of offerings and service.

Lower ASP with great products/innovations: 4K, OELD — driving consumer interest.

Streaming devices also doing well.

Computing industry not necessarily doing great but co’s assortment and exclusive offerings/partnerships are a very important strength; MSFT/AAPL

Strength in mobile (iPhone) offset by Samsung recall; AT&T/VZW store within stores growing

iPhone in-line with expectations, not as strong as 6 but better than 6S last year; ability to buy from multiple carries helps supply.

Appliances +3% vs. +16% last year, slowed late in quarter due to Samsung recall and inventory constraints; continuing to gain material market share.

Home automation, drones and VR doing well but still early.
Continues to experimenting with new features to enhance customer service — e.g. in home advisory pilot.

Promotional activity will not be subdued for the holiday this year. Sees Q4 gross margin flattish to slightly higher Y/Y; slightly positive service comps.

In a perfect world, this deal should be permitted to occur. But now that the EPA is literally a holding pen for future unemployed cucks, TSO thinks they have a license to steal from the American people. As such, they’re acquiring one of their few competitors, WNR, for $37.30 per share.

In my opinion, this borders on monopoly and the government should tell them to eat a bag of dicks, instead of swallowing WNR. But the Trump administration isn’t likely to be monopoly unfriendly and will let this deal get down. Bear in mind, Trump is all about getting deals done. The more deals the better.

I could really veer off the reservation very easily now, going heavy into this bitch of a deal; but that’d be selfish of me. Trump is a true American and anything I assume about his administration now is pure conjecture, making me no worse than all of you fruit basketed retards.

Many of you know my fondness to WNR, with it being my largest holding several times during my wasteful career as a manager of money. An end of an era is upon you; the WNR has been acquired.

Tesoro Corporation (TSO) and Western Refining jointly announced a definitive agreement under which Tesoro will acquire Western at an implied current price of $37.30 per Western share in a stock transaction, representing an equity value of $4.1 billion based on Tesoro’s closing stock price of $85.74 on November 16, 2016. This represents an enterprise value of $6.4 billion, including the assumption of approximately $1.7 billion of Western’s net debt and the $605 million market value of non-controlling interest in Western Refining Logistics, LP (WNRL).

The acquisition is expected to create a premier, highly integrated and geographically diversified refining, marketing and logistics company and provides a strong platform for earnings growth and cash flow generation.

Under the terms of the agreement, Western shareholders can elect to receive 0.4350 shares of Tesoro for each share of Western stock they own, or $37.30 in cash per share of Western stock. Elections to receive cash will be subject to proration to the extent they exceed approximately 10.8 million shares (or approximately $404 million in the aggregate). Stock elections will not be subject to proration. The purchase price represents a premium of 22.3% to the closing price of Western’s stock on the day prior to announcement, and a 31.6% premium to the volume weighted average price over the last 30 trading days. The transaction is expected to be tax-free to Western’s shareholders who elect stock.

Expected benefits of the transaction:
Shareholders of both companies will benefit from $350 to $425 million in operational, commercial and corporate synergies.
Expects to achieve 10% to 13% EPS accretion in 2018, the first full year of combined operations

Upon closing, Tesoro will continue to have a strong balance sheet and credit metrics, and will remain on track for achieving an investment grade credit rating. The Company has increased its share repurchase authorization by $1.0 billion to over $2.0 billion in total. Tesoro expects to maintain its current quarterly dividend of $0.55 per share (or $2.20 per share annualized) after closing and is focused on growing dividends commensurate with the growth of the Company.

As a nation, we’re fucking doomed if allow kids like this rule our country. Low information, fake news believing, snowflakes.

She really did go there. Next she’s gonnas exortiate the intolerant left for being cucks and taking up all the salt — bitching and whining because they lost and have been raised without ever having to deal with adversity.

Remember, everyone is a winner. If you finish last place, you will still get a trophy. Even though your candidate lost, feel free to bitch and complain about the popular vote and work towards denigrating state’s rights by calling for an end to the electoral college.

Mental fucking retards.

Last night President elect Trump went to the 21 Club in NYC for a quiet evening dinner with his family. In the process of doing so, Trump told the enemy media of ‘fake news’ printing fuckers to bugger off. Since then, all pandemonium has broken loose.

Listen to this cuck from Bloomberg say the media was entitled, according to the rules, mandatory shit, to be the President’s paparazzi 24/7. These same shills have been lying for the past 15 months, totally exposed as frauds in the Wikileaks as being part of the state media complex supporting Clinton, and now they’re claiming that Trump MUST allow them to tailgate him for ‘democracy.’

That’s like saying ‘you must let me rape you, in order to preserve the human race from extinction.’

Fuck yourself, media. Just watch this guy. Please don’t vomit all over your electronic devices while viewing.

.@MarkHalperin pushes for a protective press pool for Trump because of 'accountability': This is an important fight https://t.co/702oSuzPHz

— Morning Joe (@Morning_Joe) November 16, 2016

Where in the constitution does it say the retards hopped up on drugs in the press pool must be permitted to follow the President to dinner? Good luck winning this all important battle, mainstream media.

In my opinion, Jim Chanos is one of the top 5 investors alive today. Not only is he whip-smart, somehow he manages to make great short calls during a QE-fueled bull market. This, unto itself, is a major accomplishment.

Jim sits down with Bloomberg to discuss the markets, the Trump ascendancy, and investors’ pipe dreams of an infrastructure led renaissance in the U.S. economy.

Spoiler: he’s as bearish as ever.

Good news for all of you who’d like to see the country burn, Fortune is reporting that Jamie Dimon has officially declined the role as Trump’s treasury secretary — much to the delight of JPM shareholders.

As J.P. Morgan Chase shares are dropping on the rumor.

The Trump transition team’s draft-Dimon effort will need to look for a new pick.

Fortune has learned that Jamie Dimon, CEO of J.P. Morgan Chase JPM -2.66% , has formally told the Trump transition team that he has no interest in being the next Treasury Secretary of the United States.

According to sources familiar with the situation, the Trump transition team approached Dimon about taking the job, and spread word that the J.P. Morgan CEO was likely to accept. On Wednesday, Fox News anchor Maria Bartiromo tweeted that Dimon “will get” the Treasury Secretary position.

But Dimon has told the suitors that he’s declining, and will remain at the nation’s largest bank, measured on both market cap and assets. Surprisingly, Dimon feels he’s not suited to serving as the nation’s top ranking economic official, according to sources familiar with the situation.

According to rumors, Steve Mnuchin, former Goldman Sachs partner, is now the leading candidate for the role. Goldman wins again, even when they lose.

The solar trade has been dead, ever since it reanimated itself several years ago. Typical of a market playing stupid with its participants, the solar trade has often been regarded as a litmus test for mental acuity and stability in this wide wacky world. It should come as no surprise to anyone out there, following TSLA’s desperate bid to preserve the net worth of Elon Musk by bailing out SCTY, the industry is currently in the grips of harrowing decline

BEHOLD horrible guidance out of FSLR.

Net Sales in the range of $2.5-2.6 bln , Capital IQ consensus $2.966 bln
Gross Margins between 12.4-14.5%
Operating Expense Non-GAAP $280-300 mln
Operating Income Non-GAAP $40-80 mln
Non-GAAP EPS $0.00-0.50, Capital IQ consensus $1.91
Net Cash Balance $1.4-1.6 bln
Operating Cash Flow $550-650 mln
CapEx $525-625 mln

Shipments 2.4-2.6 GW (Street Expectations were for approx 3.0 GW)
Co announced an acceleration of Series 6 production into 2018, with approximately 3 Gigawatts of production expected in 2019. Over the course of 2017 and 2018 the Company’s existing production facilities will be converted to Series 6 production and the current Series 4 product will be phased out. As a result of the change in roadmap the Company will cancel its Series 5 product.

The Company will reduce its workforce at its manufacturing facilities both domestically and internationally as a result of the transition from Series 4 to Series 6 production. Additional reductions in administrative and other staff are also planned. Resulting from the transition to Series 6 from Series 4 and other competitive factors, the Company expects to incur restructuring and asset impairment charges of $500 to $700 million, which includes a cash impact of $70 to $100 million.

The halt has been raised. The stock has been razed, down by 12% in after hours death knell action.

This stock is 100% fucked. If I was long MNK, after knowing what they did to VRX, I’d be wetting my bed at night in fear of it going to their target — $20.

Nonetheless, Citron has tried to take down MNK in the past, so this is a reiteration of previous efforts. Here is the full report.

And here is the conclusion.

Shares of MNK got the life smacked out of it today — off by 12% for the session.

A. Left on Bloomberg begging the company to sue him, so he could VRX them.

Maria Bartiromo is reporting Jamie Dimon might be selected as next Treasury Secretary of the United States, a very boolish thing for banks and America. Although many will deride this decision as allowing the fox watch over the hens, the truth of the matter is — we need the fucking banks to get the economy going again. Agreed?

That being said, who knows the industry better than Dimon, easily the best CEO in the sector for the past 30 years.

Hearing @jpmorgan ceo jamie Dimon will get treasury secy job. Big meeting tomorrow @MorningsMaria @FoxBusiness will discuss tmrw

— Maria Bartiromo (@MariaBartiromo) November 16, 2016

Shares of JPM sold off 2.5% for the day — but that’s because shareholders are selfish bastards — not wanting their CEO to depart to Washington in order to save America. Dimon is a long term democrat — but he did lay waste of Hillary Clinton’s ‘class warfare’ rhetoric, so he’s a bit more independent than some of you fuckers think.

A Jamie Dimon appointment is bullish for America.

UPDATE:

down to jamie Dimon & Steve Mnuchin. will be decided tmrw for Friday announcement…they've now shut down info @MorningsMaria @FoxBusiness

— Maria Bartiromo (@MariaBartiromo) November 16, 2016