BBY Trade on Nov 24, 2020 15:25 from Cklamb: Tradervue User Stock Trades.

BBY
Intraday Fundamentals
• 07:39 AM EST, 11/24/2020 (MT Newswires) – Best Buy (BBY) reported fiscal Q3 adjusted earnings of $2.06 per share premarket Tuesday, compared with $1.13 a year ago.
• The consensus estimate of analysts polled by Capital IQ was for $1.72.
• The consumer electronics retailer generated revenue of $11.85 billion in the three-month period ended Oct. 31, up from $9.76 billion a year ago. Analysts were expecting revenue of $10.97 billion.
• Enterprise comparable sales increased by 23% in Q3, coming from a 1.7% expansion a year ago, the company said. The company also had restructuring charges of $111 million in the quarter, primarily related to charges associated with the company’s decision to exit operations in Mexico and actions to better align its organizational structure with its strategic focus, it said.
• “From a profitability standpoint, our better-than-expected sales resulted in significant operating income rate expansion and earnings growth,” said Chief Executive Corie Barry, adding that the company plans to revive the share buyback program in Q4.
Technical Stats
ADV 2.43 RVOL 1.81 ATR 3.64 BETA 1.68 Short 2.37% Inst Own 80.9%
Trading Strategy
• Long 110
• Short VWAP at the open for a scalp
• Work the opening range and look for a reversal trade long at 8 am
Reading the Tape
I did see a large bidder at 114 a few times and still try to short into it late in the day looking for it to break.
Trade Management

Trade Notes

A nice set up for a scalp play off the PM low. I had set a limit in as this was selling off thinking if 115 failed the next potential bounce would be here. When it triggered because I was small I targeted the 115ish level that I had marked out. It hit target once and pulled back as I tried to hold for a move above. I would finally take it off as it failed again at 114.95
I did start this series expecting 114 to fail late. I did see a large offer right at 114 but decided to short into it anyway with a tight stop which would get hit. I would try again as the subsequent bounce did not appear that strong. This one I would reverse as this broke 114.20. I would take this long off at 50 cents making up for the prior shorts. I could not have take this off at a better time. I ended this trying to short 114 again which I did not hold very well.