Market

Best Buy among weekly highlights ahead of Black Friday sales

  • European stocks edge higher despite Covid-19 lockdown fears
  • US stocks expected to gain ahead of Black Friday shopping
  • Best Buy shares likely to continue surge above $136 as it releases earnings report

European stocks are trending higher on Monday as the week starts off positively after Friday’s slip for the FTSE 100 and Stoxx 600. This is happening as the market looks to navigate early jitters from a surge in Covid-19 infections and thus fresh lockdown concerns.

The FTSE 100 is +0.23% up, while the pan-European Stoxx 600 has inched 0.17%, the latter buoyed by Telecom Italia’s more than 20% rally in early trades. The company’s stock began to soar after a reported $12 billion acquisition deal between the Italian telecom and US fund KKR.

US stock futures are also up ahead of Monday’s opening for Wall Street, with premarket gains for the S&P 500 futures, Nasdaq futures, and Dow futures.

The upside being seen on the day also comes at the start of a week where investors will want to watch out for further inflation data and an expected surge in spending on Black Friday as the holiday season kicks in proper.

Best Buy among stocks to watch this week

Stocks have historically performed well over the Thanksgiving week and several firms could see their shares go higher. Other than the increased consumer activities, investors will watch out for growth signs in key companies releasing their earnings reports this week.

Best Buy (BBY) will unveil its third-quarter earnings report on Tuesday, with investors likely to be keen on sales expectations ahead of Black Friday shopping. Consensus estimates for BBY put profits at $1.94 per share, with $11.62 billion in revenue. If Best Buy follows other retailers in releasing better-than-expected results, another upside for the stock could push it higher than the $136.13 reached at close on Friday.

Zoom Communications (ZM) whose earnings report is expected today, is another stock investors might be keen on this week. ZM has traded lower for much of the past year, though year-over-year gains stand at around 360%. Deere and Co. (DE), which is expected to release its earnings report on Wednesday, is also on the list of stocks to watch this holiday season.

Other reports out on Tuesday are by Dick’s Sporting Goods (DKS), American Eagle Outfitters (AEO), Dell Technologies (DELL), HP Inc (HPQ), and VMWare (VMW).

The US stock market will remain closed on Thursday, with Friday sessions set to end at 1 pm.

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