Street Wire: Best Buy Stock Plunges as Profit, Sales Come Up Short
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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.