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Best Buy Tries to Lure Shoppers with Deep Discounts
By Market News Video Staff, Thursday, November 11, 2:11 PM ET
Best Buy Tries to Lure Shoppers with Deep Discounts Symbols: BBY, RIMM, HPQ, WMT, JCP, RTH, HD, AMZN, TGT Best Buy (NYSE:BBY) announced deep discounts today to try to lure early holiday shoppers to its stores. As part of the electronics retailer’s “Shop Early, Save Big” event this weekend, it is offering discounts on Research in Motion’s (NASDAQ:RIMM) BlackBerry, HP's (NYSE:HPQ) laptops, and other items. Best Buy isn’t the only major retailer announcing sales initiatives today; Wal-Mart (NYSE:WMT) announced free shipping on 60,000 Walmart.com items today, and J.C. Penney (NYSE:JCP) unveiled new e-commerce initiatives.
Best Buy shares are trading modestly lower today, off just 0.3% this afternoon.
Best Buy is one of the top ten holdings of the Retail HOLDRS (AMEX:RTH) ETF, at 3.94% of the fund. Wal-Mart is the top stock in the fund, at 19.29% of the portfolio. And Home Depot (NYSE:HD), Amazon.com (NASDAQ:AMZN) and Target (NYSE:TGT) are other major holdings of the ETF.
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