Diamonds and Dogs
Best Buy Co (BBY) is higher after beating reduced earnings estimates. Best Buy lowered guidance last week so they could beat this month. Revenues fell 12.8% to $10.33 billion due to waning consumer-electronics demand. Inflation forces shoppers to pay more for groceries and other essentials. Consumers are also shifting more spending to travel and other services after binging on televisions, computers and appliances during the first two years of the pandemic.
Diamond yesterday, dog today. Exxon (XOM) is down 3% after rising 3% yesterday. Exxon has notified Russian officials it will sue the federal government unless Moscow allows the company to exit a major oil-and-gas project. Exiting is a complex process, and as the operator, we must protect the safety of employees, the environment and the operation.
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