Hot: phones, laptops and tablets.
Not hot: HDTVs and video games.
Best Buy shares rose 8% Tuesday as investors welcomed a positive report on consumer spending at a time when people were expected to be pinching pennies. The report from the nation's top electronics retailer also provided a preview of what the upcoming holiday buying season may look like.Best Buy's product trends aren't a total surprise given the growing passion for smartphones like the Apple (AAPL) iPhone and Google (GOOG) Android phones. But one new item on the plus side was tablets, and in particular, Apple iPads. Outlining what worked and what didn't in the second quarter, Best Buy says in U.S. stores there was "low double digit" increases in mobile phone sales and about a 5% growth in mobile computers including tablets. Unfortunately, weak sales of TVs and video games more than offset the gains of the hotter products, said Best Buy. The company also complained that shortages of Apple's iPad hurt the overall laptop performance as people went elsewhere for purchases. "The decline was primarily driven by the impact of lost traffic associated with constrained inventory during the initial iPad launch which adversely impacted traditional mobile computing traffic," Best Buy said in a press release Tuesday. To investors, the notion that shortages muted sales during the recently completed quarter suggests that full supplies could cause a meaningful upswing in the current period. Best Buy shares were up $2.75, or 8%, to $37.40 in premarket trading Tuesday. --Written by Scott Moritz in New York.
>To contact this writer, click here: Scott Moritz, or email: email@example.com. To follow Scott on Twitter, go to http://twitter.com/TheStreet_Tech. >To send a tip, email: firstname.lastname@example.org.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV