Best Buy stock drops to lowest level since 2002

Stocks from Richfield-based Best Buy Co. dropped Friday to $14.96 per share, marking the first time in 10 years that stock dropped below $15. The company's market value currently stands at $5 billion, down from $9 billion a year ago.

Author:
BMTN Staff
Updated:
Mar 8, 2018
Original:
Oct 26, 2012

Stocks from Minnesota-based Best Buy Co. dropped Friday to $14.96 per share, marking the first time in 10 years that stock dropped below $15, reported the Star Tribune.

The news comes a day after Best Buy warned that sales would be down in Q3.

The company's market value currently stands at $5 billion, down from $9 billion a year ago.

The news comes as Best Buy's new CEO Hubert Joly prepares to head to Wall Street next week for his first company meeting.

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The Hollywood star is in Minnesota filming a new movie.

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The victim's age and name have not been released.

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The victim is a 31-year-old man from Prior Lake.

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The shooting happened around 11 p.m. Saturday.

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The body was found upstream from Minnesota River Heritage Park.

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Clemente Garcia, 20, died Wednesday morning.

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The victim's identity has not been released.

The Richfield-based retailer has watched the value of its shares drop more than 50 percent over the past two years as it struggles to grow sales. If the trading price continues to fall below the option price, the options held by executives are valueless. The Star Tribune explains ...

The retailer's stock dropped in early trading after the company announced profits fell 29 percent, missing Wall Street's expectations. But, as the Business Journal reports, sales are up, both in stores and online. Black Friday advertising and a one-time fee over store closures in the U.K. drove down profits.

Richfield-based Best Buy says its second-quarter net income fell 90 percent as the big-box electronics chain logged restructuring charges and saw sales continue to decline. Best Buy also withdrew its earnings view for the year. The company says it earned $12 million, or 4 cents per share, in the quarter ended Aug. 4 -- compared with $128 million, or 34 cents per share.

Richfield-based Best Buy is among the latest group of companies to withdraw its membership with American Legislative Exchange Council, MPR reports. ALEC says it is a bipartisan organization, but the policies it supports and its membership tend to be conservative.

Richard Schulze wants more time before making an offer for Best Buy, the company that he founded. Reuters reports Schulze, who has been working on his offer for months, is expected to take a 30-day extension to mid-December before submitting his final purchase proposal to Best Buy's board. Citing sources close to Schulze, the Star Tribune reported that his bid would come next week.

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