Best Buy (NYSE:BBY): The top electronics retailer had nothing but bad news for Wall Street, but the stock is rallying almost 3% in early trading. A $1.5 billion share buyback is overshadowing a decline in profits to $177 million (47 cents a share) from $254 million (60 cents a share) year-over-year. Revenues came in slightly higher at $11.35 billion, up from $11.34 billion. Comparable store sales dropped 2.8% while gross margins contracted to 25.3% from 25.7%. Don’t Miss: Your Cheat Sheet to Best Buy Earnings >>
Dow (NYSE:DIA) component Cisco Systems, Inc. (NASDAQ:CSCO) is holding its annual financial analyst conference this morning at 11 a.m. EST. The stock will be actively traded as soon as John Chambers et al start jabbering.
Hewlett-Packard (NYSE:HPQ) is extending the deadline for its buyout offer for U.K. software company Autonomy. HP says shareholders now have until Oct. 3 to make up their minds. Only 41.6% of Autonomy shareholders have accepted HP’s offer to date.
Hot Feature: IBM Takes Another Step Toward HAL.