Stock Buzz Radar: Best Buy and Zynga Show Signs of Life, Boeing Flies Lower
Shares of Best Buy (NYSE:BBY) surged more than 16 percent on Friday, but edged slightly lower in late afternoon trading. The Minneapolis-based retailer announced holiday revenue results. For the nine weeks ended January 5, 2013, revenue came in at $12.8 billion, representing a 0.4 percent decline from the $12.9 billion a year earlier. However, its U.S. online channel delivered revenue of $1.1 billion, a 10 percent increase from the prior year.
Apple (NASDAQ:AAPL) shares remain in consolidation mode, despite the iPhone 5 being the bestselling smartphone in the U.S. market in the December quarter, according to Canaccord Genuity analyst Michael Walkley. He explains, “Our December wireless store surveys indicated strong sales of the top-selling iPhone 5 at AT&T (NYSE:T), Verizon (NYSE:VZ) and Sprint (NYSE:S). Our surveys further indicated improved overall supply of the iPhone 5 with essentially all stores offering all SKUs of the iPhone 5. We believe the iPhone 5 was the top selling smartphone at AT&T/Sprint/Verizon and overall the best selling smartphone in the U.S. market.”
Boeing (NYSE:BA) shares dropped 2.5 percent on Friday, but gained 0.25 percent in late afternoon hours. “In light of a series of recent events, the FAA will conduct a comprehensive review of the Boeing 787 critical systems, including the design, manufacture and assembly,” reported the Federal Aviation Administration in a statement. “The purpose of the review is to validate the work conducted during the certification process and further ensure that the aircraft meets the FAA’s high level of safety.”
Shares of Zynga (NASDAQ:ZNGA) jumped 1.15 percent in late afternoon trading. The company continues to climb higher in the new year as it prepares an entry into online gambling. Research firm Envision IP recently noted that Zynga acquired 33 patents relating to casino gaming and gambling technologies from Walker Digital, LLC.
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