Best Buy results sink electronics shares
(Reuters) - A weaker-than-expected quarterly profit from electronics bellwether Best Buy Co Inc (BBY.N) led to a decline in shares across multiple platforms.
Smaller rival HHGregg Inc (HGG.N) tumbled 9.1 percent to $22.39 while RadioShack (RSH.N) dipped 3.6 percent to $18.52.
The retailer attributed tepid demand for televisions and entertainment hardware and software to its weakness in the domestic segment.
"It's tapping the demand curve," said Cliff Draughn, President & Chief Investment Officer at Excelsia Investment Advisors in Savannah, Georgia.
"The television that sold for $5,000 three years ago sells for $1,500 today -- how many people need four flat-screen televisions in their apartment?"
Sony Corp (SNE.N), maker of the PlayStation game platform as well as flat-screen TVs, saw its U.S.-listed shares slip 0.6 percent to $35.66. Video game retailer GameStop Corp (GME.N) shed 0.9 percent to $21.72.
U.S.-listed shares of flat-screen maker LG Display Co Ltd (LPL.N) lost nearly 1 percent to 18.10.
Corning Inc (GLW.N), which makes components for flat-screen televisions, also lost nearly 1 percent, to $19.11.
(Reporting by Chuck Mikolajczak; Editing by James Dalgleish)
Credit: Reuters (www.reuters.com)
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