Best Buy (BBY) reported second quarter results that topped analyst estimates. D.A. Davidson Senior Research Analyst Michael Baker says that right now, there is a "more promotional environment" caused by retailers' desire to get people into the stores. Looking ahead to the holiday shopping season, Baker tells Yahoo Finance Live that "this holiday season is going to look a little bit more like it did pre-pandemic," with traditional door-buster sales. Overall, Baker says the best positioned retailers are Walmart (WMT), BJ's Wholesale (BJ), Costco (COST), who all benefit from the increase in consumers looking for deals. Baker's other top picks include Ulta Beauty (ULTA), O'Reilly Automotive (ORLY), and Lowe's (LOW).
