The S&P 500 was up 1.34 points, or 0.1%, to 1,404.62.
Shares of Best Buy fell 2.7% to $24.10. The company announced Thursday that it intends to close 50 U.S. stores in 2013 and plans on cutting costs by $800 million by fiscal 2015.
Best Buy reported fourth-quarter earnings on Thursday of $2.47 a share, excluding items, on revenue of $16.73 billion; analysts were anticipating earnings of $2.16 a share on revenue of $17.2 billion.Best Buy has an estimated price-to-earnings ratio for next year of 6.48 times; the average for specialty retailers is 15.98. For comparison, GameStop (GME) has a lower forward P/E of 6.52; Staples' (SPLS) forward P/E is 10.02. Nineteen of the 28 analysts who cover Best Buy rated it hold. Seven analysts gave the stock a buy rating and two rated it sell. Best Buy's stock was upgraded to buy from hold by TheStreet Ratings on Friday. It gets a B- grade and a $30.75 price target from TheStreet Ratings. The stock has risen 3.04% year to date.
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