This consumer electronics retailer gets to our buy level so we're adding more shares

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We're buying 200 shares of Best Buy at roughly $78.55. Following Thursday's trade, Jim Cramer's Charitable Trust will own 600 shares of BBY, increasing its weighting in the portfolio to 1.46% from 0.98%. The stock market was off to a pretty strong day Thursday, but the rally started to fade in the late afternoon and the S & P 500 quickly sank after oil prices spiked. We're using this weakness to add to our newest position , Best Buy, which has come down to the $78 level where we previously said we would pick up shares next. BBY YTD mountain Best Buy YTD During our Monthly Meeting last week, we laid out the case as to why we think 2024 is the year that this consumer electronics retailer can finally move past its post-Covid hangover. One key trend working in the company's favor is that consumer electronics historically needed to be upgraded and replaced every three to seven years, meaning many of the products that were purchased during the pandemic will need to be replaced soon. Innovation of new consumer products is finally normalizing after a pause at the beginning of Covid. Innovation tends to drive new upgrades and replacements of electronics while also creating new categories. The combination of these two themes is why we are so bullish about a coming refresh cycle in PCs The cycle appears to be on the verge of a turn after notebook unit sales turned positive in the fourth quarter. We're big believers that the integration of artificial intelligence into computers will be a major accelerant to the cycle. Lastly, we find the now 4.8% annual dividend yield very attractive, paying us as we wait for same-store sales to inflect. (Jim Cramer's Charitable Trust is long BBY. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.