international expansion, planned new product categories and grabbing market share from competitors. To that end, BBY now sells Apple’s iPhone – the only other non-Apple and AT&T retailer to do so (see also, "Apple Ups the Ante With 3G iPhone").

Best Buy is doing the right thing by expanding and creating alliances during this economic downturn.  For example the company’s venture with The Carphone Warehouse, Europe’s largest independent retailer of mobile phones and related services with 2,400 stores across nine countries, is paying big dividends.

Consumer electronics has been the fastest growing category of retail over the past five years in Europe, and the two companies see the trend continuing, particularly in computing, entertainment and communications.

Monday's Fannie Mae and Freddie Mac inspired rally produced healthy gains across the retail and other consumer discretionary sectors (see "Fannie-Freddie Bailout: What It Means to You"). While consumers are not out of the woods just yet, I believe the bottom was put in earlier this summer.

BBY, the 800 pound gorilla of its sector, stands to prosper once the economy enters rebound mode. Shares trade hands at just 13 times forward earnings estimates and 45 percent of sales.

With such a low valuation I’d say take advantage of this opportunity before it is too late!

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