NEW YORK (TheStreet) -- The S&P 500 ended slightly lower on Thursday, making its year-to-date performance essentially flat so far in 2014.
On CNBC's "Fast Money" TV show, the trading panel discussed Best Buy (BBY), which plunged nearly 30% in Thursday's session.
Tim Seymour, managing partner of Triogem Asset Management, said the stock was set up for a big move lower after tripling in 2013. However, he admitted the move lower was an overreaction.
Brian Kelly, founder of Brian Kelly Capital, said it's a massive overreaction and he would buy the stock as a trade. He added that shrinking the number of stores will likely help the retailer.Guy Adami, managing director of stockmonster.com, said the stock traded 85 million times compared to its average of 5 million times and could be purchased near current levels. Karen Finerman, president of Metropolitan Capital Advisors, said she is not a buyer but BBY has a pretty good balance sheet.
David Strasser, retail analyst at Janney Montgomery Scott, was a guest on the show. He said a tough consumer hurt BBY as seen by the decreasing gross margins. Promotions hurt most of the retail companies this holiday season, he added. He concluded that next year could be better, especially as Best Buy continues to benefit from increased appliance sales and an ailing Sears Holdings (SHLD).
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
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
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts