7 years ago
Best Buy is the latest victim of the retail apocalypse as pressure from Amazon sends shares plunging 10%
Best Buy's attempts to fend off the looming retail apocalypse took a huge hit on Tuesday. At its first investor day since 2012, the company issued long-term forecasts that fell short of analyst expectations, stoking fears that mounting competition from the likes of Amazon will eat into future profits. The reaction from investors was swift and punishing, as Best Buy's stock dropped as much as 10% to $51.61, wiping out roughly $1.7 billion in market value at its lows for the day.
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