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Stock Market & Financial Investment News

News Breaks
January 6, 2014
11:57 EDTHGG, BBYBest Buy retreats after sales warning from competitor
Shares of Best Buy (BBY) are lower after another electronic retail chain, hhgregg (HGG), estimated that its third quarter sales were significantly lower than expected. WHAT'S NEW: hhgregg estimated that its third quarter net sales were $707.1M, versus the consensus analyst estimate of nearly $777M. The retailer estimated that its same-store sales had fallen over 11% compared to the same period in 2012. hhgregg said its sales of consumer electronics and computing and wireless products were significantly below its expectations, noting that its holiday sales were "significantly impacted" by increased promotional offerings of televisions and tablets across a variety of retail formats. Moreover, hhgregg stated that it expects its overall full-year results to be "materially below" its previous guidance, adding that it expects to "reassess and update" its annual earnings per share guidance. PRICE ACTION: In late morning trading, Best Buy fell about 4% to $39.07, while hhgregg shares sank 5.4% to $12.87.
News For BBY;HGG From The Last 14 Days
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December 18, 2014
14:39 EDTBBYBacker of Internet sales tax to get powerful Senate post
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December 10, 2014
08:08 EDTBBYBest Buy field checks show good November, says Jefferies
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