Other Retailers Fall After Best Buy Results
After Best Buy announced that it had posted a reduced but larger-than-expected profit on Tuesday morning, several other CE retailers saw their stocks drop, the AP reported.
Best Buy itself saw a small drop, as did hhgregg, RadioShack and Conn’s. Circuit City was the exception, posting a small gain.
Best Buy’s results, which included a 7 percent drop in profit for the first quarter from the year before, was accompanied by an analyst note from William Blair’s Jack Murphy, who pronounced himself “cautious” on the consumer electronics retailers.