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TheStreet Open House

Best Buy (BBY) Stock Rises Despite Weak Holiday Season Outlook

Stocks in this article: BBY

NEW YORK (TheStreet) -- Best Buy  (BBY) rose Wednesday despite the electronics retailer's forecast of another difficult holiday season in 2014.

Best Buy expects major price cuts and decreased sales thanks to weaker consumer demand and increased competition both online and in store. The company anticipates a sales decline in the next two quarters, which would mark the third consecutive year of revenue declines for the retailer.

Best Buy also announced its regular quarterly dividend of 19 cents a share. The dividend is payable on Oct. 2 to shareholders of record as of the close of business on Sept. 11. 

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The stock was up 4.8% to $31.23 at 11:59 a.m. More than 8 million shares had changed hands to edge the average volume of 7,751,760. BBY Chart BBY data by YCharts

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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