Best Buy, Spanish Broadcasting, Merrimack Among Hot Stock Movers Friday
Best Buy Co., Inc. (NYSE:BBY): RadioShack (NYSE:RSH), staking its future on smartphones, has run into some tough going, reports the Wall Street Journal. While mobile devices accounted for 51% of RadioShack’s $4.38B in sales in 2011, its Q4 earnings dropped 79% as it continued to change its merchandise mix to one of the few strong categories in the slumping electronics business. It said the current quarter could be even worse as it battles Best Buy (NYSE:BBY), Wal-Mart (NYSE:WMT), and Verizon (NYSE:VZ), Sprint Nextel (NYSE:S) and AT&T (NYSE:T) stores. Though Wal-Mart (NYSE:WMT), Best Buy (NYSE:BBY) and Target (NYSE:TGT) are still opening big box stores, they are all putting more focus on smaller stores, Bloomberg reports. Best Buy yesterday said it would close 50 big stores this year and open 100 smaller ones, and will double the number of Best Buy Mobile stores by 2015. Wal-Mart is planning to build up to 100 small-format stores in 2012, while Target will open five CityTarget stores. Shares of Best Buy Co., Inc. are trading 3.27% lower today.
Spanish Broadcasting System Inc (NASDAQ:SBSA): Reported Q4 revenue $38.2M versus one estimate $40.85M. Shares of Spanish Broadcasting System Inc are trading 39.49% higher today.
Merrimack Pharmaceuticals Inc (NASDAQ:MACK): Merrimack IPO opened for trade at $7. Merrimack Pharmaceuticals (MACK) priced 14.3M shares at $7.00. Shares of Merrimack Pharmaceuticals Inc are trading 0.66% lower today.
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