Best Buy Results Send Shares Tumbling
Lackluster quarterly results announced by Best Buy Tuesday caused the stocks of both that company and its major rivals to tumble.
According to Reuters, Best Buy's announcement that its profit had dropped 4.4 percent led to hhgregg's stock sliding 9.1 percent and RadioShack's 3.6 percent, as of midday Tuesday. Best Buy saw its stock drop 14 percent. The results hit manufacturers as well.
Best Buy attributed its drop in part to weak demand for TVs and other home entertainment products.