Street Wire: Best Buy Stock Plunges as Profit, Sales Come Up Short
Jun 15th 2010 10:40AM
Updated Jun 15th 2010 10:41AM
Best Buy's (BBY) stock fell more than 7% at one point in early Tuesday trading after the nation's largest consumer electronics retailer said first-quarter earnings and sales missed Wall Street's average estimates. Best Buy lost as much as $2.88 to $38.17 a share, or nearly $500 million in market value. Higher expenses and lower sales of flat panel TVs, video games and services were partly to blame, Best Buy reported.