Best Buy’s Comps Fall, Stock Price Plummets

Best Buy Co., Inc. (NYSE:BBY)’s stock price plummeted 28.5% yesterday after traders found out that same-store sales (comps) had fallen by 0.9% during the holiday season (the nine week period ending January 4) instead of growing 2.0% as anticipated. The stock closed at $26.88, just 40% of its 52-week high, reports Johanna Bennett for Barron’s.

Plenty of warning for Best Buy’s weak holiday season

While some people are claiming shock, there has actually been good reason to expect Best Buy to take a hit. First, plenty of analysts have already warned that this was going to be a tough...