Best Buy’s Comps Fall, Stock Price Plummets
Best Buy Co., Inc. (NYSE:BBY)’s stock price plummeted 28.5% yesterday after traders found out that same-store sales (comps) had fallen by 0.9% during the holiday season (the nine week period ending January 4) instead of growing 2.0% as anticipated. The stock closed at $26.88, just 40% of its 52-week high, reports Johanna Bennett for Barron’s.
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