Happy hump day!
Jim Cramer explains what investors need to know about the impeachment inquiry and Best Buy.
Democrats have officially decided to launch an impeachment inquiry into President Donald Trump.
The move by House Speaker Nancy Pelosi follows the Trump administration's refusal to release a whistleblower complaint about a phone call between the president and the leader of Ukraine earlier this year. During the call, Trump is alleged to repeatedly have asked for an investigation of potential Democratic Party presidential candidate Joe Biden. Trump withheld aid to Ukraine prior to the call.
"The actions taken to date by the president have seriously violated the constitution," Pelosi said in a prepared statement.
So, why now?
What's Going on With Best Buy?
Why? Well, the company lifted its near-term forecast for operating earnings growth.
Best Buy said it sees a non-GAAP operating income growth rate of 5% by 2025, a figure that compares to its 2020 fiscal year forecast of a rate that is "flat to slightly up" from the 4.6% rate it recorded last year. The group said it also plans to cuts costs by another $1 billion, and sees a 2025 enterprise value for the Richfield, Minnesota-based electronics retailers of between $43.1 billion and $43.6 billion.
Based on that, is Best Buy proving that it's the better buy in retail?
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