Best Buy Shares Are Getting Clobbered On S&P Action

RELATED QUOTES

SymbolPriceChange
BBY24.52+0.050

Best Buy shares are down again after S&P put the company's debt on credit watch negative.

This follows last week's earnings announcement in which management announced it would lay off 400 employees and shutter 50 stores.

From S&P's press release:

---------

NEW YORK (Standard & Poor's) April 4, 2012--Standard & Poor's Ratings Services placed its 'BBB-' corporate credit rating and other ratings on Richfield, Minn.-based Best Buy Co. Inc. on CreditWatch with negative implications.

The CreditWatch placement follows Best Buy's announcement of its fourth-quarter and full-year results, its planned closure of 50 U.S.-based big box stores, the opening of 100 U.S.-based small format stores in the U.S., and $800 million of cost reductions over the next five years, with $250 million occurring in the current fiscal year ending Jan. 31, 2013.

"We believe the restructuring of operations underscores the problems that Best Buy is having with its current business model," said Standard & Poor's credit analyst Jayne Ross.



More From Business Insider
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2508-0.0001-0.01%
    USDSGD=X
    1.7306+0.0024+0.14%
    EURSGD=X
    2.1026+0.0013+0.06%
    GBPSGD=X
    81.7379+0.00160.00%
    SGDJPY=X
    6.1997+0.0009+0.02%
    SGDHKD=X
    2.5888-0.0029-0.11%
    SGDMYR=X
    9,166.4326+23.415+0.26%
    SGDIDR=X
    4.9723-0.0006-0.01%
    SGDCNY=X
    1.1681-0.0038-0.32%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,299.00-4.50-0.35%
    GCM14.CMX
    19.60-0.03-0.15%
    SIK14.CMX
    90.94+0.11+0.12%
    ^XAU
    3.04+0.01+0.36%
    HGK14.CMX
    104.55+0.79+0.76%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.70+0.05
    ^FVX
    2.68+0.04
    ^TNX
    3.47+0.02
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI