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Best Buy Gains, Akamai Rises, Newmont Slides
Description
Today’s biggest winners and losers in the stock market.
On this episode of Stock Movers:
- Best Buy (BBY) shares advanced after reporting profit for the holiday-shopping season that was better than expected. Its revenue forecast for this year also met Wall Street estimates, giving investors confidence that the electronics chain won’t take a step backward. Adjusted earnings per share last quarter were $2.61, topping the average analyst estimate by 15 cents. Comparable sales trailed Wall Street projections. The company also boosted its dividend. Shares of the retailer rose as much as 7%. The stock had fallen 8% this year, compared with the S&P 500 Index being little changed.
- Akamai (AKAM) climbed after Streaming Media Blog said the software company has notified customers of coming interim surcharges and pricing adjustments for contract renewals. This was welcome news for traders who were concerned about rising costs for the company.
- Newmont (NEM) saw its shares slipped today in line with a broader market selloff. Several metal and mining related stocks also slumped, into Freeport-McMoRan and Nucor.
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