Best Buy hits 9-year low; Urban Outfitters rallies |
| MarketWatch - Aug 21, 2012 |
Best Buy Co. shares extended losses to a nine-year low Tuesday, while Urban Outfitters Inc. climbed on the back of well-received quarterly financial results to dominate among retail-sector gainers.
Best Buy’s shares, falling as low as $16.25, set the pace for decliners among S&P 500 Index SPX components. The Richfield, Minn.-based electronics retailer reported a second-quarter profit plunge of 90% and not only suspended its current forecast but said that it wouldn’t provide a new outlook.
“We continue to argue that the structural issues are overblown, and that product cycle weakness is the primary culprit of this ongoing weakness,” Janney Capital Markets analyst David Strasser wrote in a note. “Perhaps once a new chief executive officer gets deeper into the long-term plan, he will reevaluate the international businesses.”
On Monday, Best Buy’s board announced Hubert Joly, most recently the top executive in charge of the Carlson travel and hospitality company, as its new CEO and president. Joly was hired for track record of guiding successful turnarounds in the media, technology and services sectors, the company said.
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- Posted: 2012-08-21 16:34:53
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