Stock to Sell #1 – Best Buy (BBY)
Consumer electronics retailer Best Buy (NYSE:BBY) is slipping despite its 4,300 stores and broad name recognition. Intense competition from online retailers and thin operating margins have contributed to a sharp downturn in the stock.
Analysts look for a fiscal year (FY) 2013 (ended in January) earnings of $2.70 and a decline of up to 22% in FY 2014.
Insider selling is heavy, and technically, the stock is in a bear market. In late October, BBY fell through a quadruple support line at $17.50. Despite being oversold, the stock is probably headed much lower.
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