Apple Inc. (NASDAQ:AAPL) is going to release its new iPhone 6 next month according to many reports. However, the launch migh also help the electronics retailer Best Buy Co Inc (NYSE:BBY) to recover from its diluting growth. The company reported its quarterly earnings on Tuesday and depicted a fall in net income and revenue. Net income of Best Buy Co Inc (NYSE:BBY) for the quarter was $146 million, down by 41% on the year. Peter Keith discussed Best Buy Co Inc (NYSE:BBY) in a program on CNBC and said that the company is expecting a growth very soon with Apple Inc. (NASDAQ:AAPL) launching the new iPhone.
Keith said that BestBuy is going to get around 10% of the market share in the US for iPhone 6 units and there will be around 1%-2% same store sales benefit for BestBuy. He thinks that BestBuy will face a massive growth in Q4
Keith rejected the notion that Best Buy Co Inc (NYSE:BBY) is dependent upon Walmart and Amazon.com, Inc. (NASDAQ:AMZN) and said that company will improve in the coming quarters.
“[…] The stock was at $37 in January, when it had a massive blow up after Q4 numbers, it was the turbo holiday sales release and basically, there has been a tremendous amount of skepticism that Best Buy Co Inc (NYSE:BBY) can’t control its own destiny, that Wal-Mart and Amazon.com, Inc. (NASDAQ:AMZN) define ultimately define what Best Buy Co Inc (NYSE:BBY) is going to do, I think that’s a big over exaggeration, I think Best Buy Co Inc (NYSE:BBY) mis-executed in Q4, people will slowly drip back into the stock if the comp is getting better and now they have sort of an easy comparison for Q4,” said Keith.
Carl Icahn is one of the top shareholders of Apple Inc. (NASDAQ:AAPL), having 52.7 million shares of the company. Israel Englander is a shareholder of Best Buy Co Inc (NYSE:BBY), owning 2.8 million shares of the company so far.