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Photo: Justin Sullivan/Getty Images.

A long-time fear among investors is that Amazon, the top retailer of consumer electronic products, will continue to eat away at Best Buy's market share. But traditional retailers are coming for Best Buy's niche, too.

What to watch: According to Michael Lasser, a retail analyst at UBS, healthy results from big-box stores in the consumer electronics category suggests there could be some "chipping away" at Best Buy's dominance in this area.

  • In Target's most recent quarter, electronics sales were a key driver in its "hardlines" category.
  • Costco also cited strong growth in its computer and tablet sales.

The other side: In a call with investors this week, Best Buy's CEO said the company has no intention of handing off its business to "mass retailers," or companies like Target, Walmart or Costco:

If you are a customer that is excited about technology and is looking for help and support in a relationship, we are building something that's very, very special and we feel it's working. So I know in the past there's been this idea that's once technology matures it goes to the mass channel and then we have to move on .. that's not at all what we're seeing.
— Hubert Joly, Best Buy CEO

The bottom line: There is always a risk that "specialty retailers" like Best Buy will see increased competition from retailers that sell a variety of merchandise, not just electronics. This is likely the reason Best Buy has put so much emphasis on its technology expertise (the Geek Squad) and has ventured into health services.

Go deeper

24 mins ago - Health

FDA panel backs Merck's antiviral COVID pill

The Merck Cherokee Plant in Riverside, Pennsylvania. Photo: Paul Weaver/SOPA Images/LightRocket via Getty Images

A Food and Drug Administration advisory panel on Tuesday voted 13-10 to endorse an antiviral pill developed by Merck and Ridgeback Biotherapeutics to treat adults at high risk of becoming severely ill from COVID-19, despite concerns over its effectiveness and safety.

Why it matters: Oral antiviral drugs designed to prevent or treat COVID-19 could be key pandemic-fighting tools, if proven effective, especially as new variants emerge. If authorized, the Merck drug, known as molnupiravir, would be the first treatment of its kind to be made available in the United States.

Shooting at Michigan high school leaves 3 dead, 6 wounded

Screengrab: CBSN

Three people dead and six others are wounded after a shooting at a high school in Michigan according to the Oakland County Sheriff's Office.

Driving the news: The alleged shooter was a 15-year-old sophomore at Oxford High School and has been arrested, per police.

Fed signals it could yank economic support quicker as inflation sticks around

Federal Reserve chairman Jerome Powell testifies during a hearing before Senate Banking, Housing and Urban Affairs Committee today. Photo: Alex Wong/Getty Images

The Federal Reserve will consider pulling back economic support sooner "as the threat of persistently high inflation has grown," chair Jerome Powell said during a congressional hearing on Tuesday.

Why it matters: This is the biggest signal yet the Fed is backing away from its stance that soaring prices would be fleeting — a change that could shift its policies that underpin the economy.