$BBY how can any company predict sales here, but Best Buy is going to lead the rebound.... stock should be up 20% today
$BBY Despite the strong sales performance, BBY is still withdrawing its Q1 and FY21 guidance. The company drew the full amount of its $1.25 bln revolving credit line and is suspending all share repurchases. Cash Includes the $2 bln in cash BBY had as of March 19, the company now has cash liquidity of $3.25 bln. Key Takeaways: BBY isn't a name that automatically comes to mind when thinking of companies that could benefit from self-isolation directives. An ever-increasing number of employees are being asked to work from home, which typically requires the use of additional technology products, putting BBY's electronics department in the sweet spot. Although BBY says that Q1 sales are tracking above expectations, it is still withdrawing its guidance, suspending share buybacks, and drawing on its full credit facilities. These actions indicate that BBY doesn't expect this temporary surge in demand to offset the interim ceasing of in-store shopping at its locations.
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