Stocks in the news: Best Buy, Citigroup, Bank of America
Some of the companies making headlines today:
Best Buy (BBY) reported second-quarter results today, saying profit dropped to $158 million, or 37 cents a share as revenue rose to $11 billion from $9.8 billion, missing earnings estimates, but beating revenue ones. Best Buy also raised the bottom end of its full-year profit forecast.
Citigroup (C) is trying to cut the U.S. government's 34 percent stake, the Wall Street Journal reported. Top Citigroup executives have been devising plans for a possible multibillion-dollar stock offering, while the Treasury Department would sell at least a portion of its Citigroup holdings. Citi shares fell about 1 percent ahead of the bell.