LATEST NEWS

Best Buy Shares Are Getting Clobbered On S&P Action

RELATED QUOTES

SymbolPriceChange
BBY26.93-0.37

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

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.

DON'T MISS

  • Aluminium firms looking for safeguards from cheap Chinese imports

    With the northern neighbour sitting on huge excess capacity in steel and aluminium, it is looking at ready markets, and India happens to be one such market. …

  • Rajan wants govt to bite the bullet on fiscal deficit

    RBI Governor Raghuram Rajan, a celebrated economist, believes any deviation from fiscal deficit target would damage the government's credibility overseas and also impact the macro-economic stability. …

  • Houses Off the Shelf

    Prefabricated homes, quicker to build than conventional ones, are gaining in popularity. …

  • Trials and Errors

    The author's account of his experiences as a practising lawyer in the Indian legal system is both revelatory and entertaining. …

  • Reality Bites

    The rural economy is reeling under erratic monsoons and unfriendly government policies. As a result, India Inc, too, is feeling the heat as rural consumption shrinks to a multi-year low. …

  • The Shoe Is Pinching

    How long will it take for the government to phase out corporate tax exemptions? …

  • Taxman at the Door

    An ignorant yet aggressive tax system has e-commerce companies looking for succour. …

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    12.90-0.80-5.84%
    SUZLON.BO
    68.85-7.20-9.47%
    SPICEJET.BO
    10.52-1.49-12.41%
    GMRINFRA.BO
    154.20-4.75-2.99%
    SBIN.BO
    199.35-7.80-3.77%
    ICICIBANK.BO
  • Price % Gainers
    Price % Gainers
    NamePriceChange% Chg
    43.35+4.55+11.73%
    ENERGYDEV.BO
    305.00+29.00+10.51%
    SINCLAIR.BO
    102.00+9.20+9.91%
    ARONICOMM.BO
    149.00+12.70+9.32%
    SUYOG.BO
    34.85+2.85+8.91%
    NAGPI.BO
  • Price % Losers
    Price % Losers
    NamePriceChange% Chg
    20.90-20.90-50.00%
    PDUMJEPULP.BO
    24.40-6.10-20.00%
    NAGREEKEXP.BO
    53.60-13.40-20.00%
    NAHARCAP.BO
    37.00-9.25-20.00%
    NAHARPOLY.BO
    21.20-5.30-20.00%
    FAIRDSY.BO
  •  
    Recent Quotes
    Symbol Price Change % ChgChart 
    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.
  • Recent Quotes News

    •  
      Sign-in to view quotes in your portfolios.

    Yahoo Cricket