Best Buy Co., Inc (NYSE:BBY) will lower 2,400 jobs, or almost 1.4% of its labor force, starting right now, according to Bloomberg report by mention a person familiar with the matter.
The person, who refused to be identified as the matter is secret, stated that around 600 Geek Squad tech support jobs would be removed along with 1,800 store positions by Aug 1. The person further reported that those removed jobs would qualify for job-placement assistance and severance packages.
Cuts in jobs come as Best Buy fights to challenge the likes of Amazon.com Inc (NASDAQ:AMZN), Apple Inc (NASDAQ:AAPL) and Wal-Mart Stores, Inc (NYSE:WMT) In March. Best Buy announced a $1.7 billion loss in Q4 and mentioned it would shut 50 big-box stores.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. CONN’S, Inc (NASDAQ:CONN) fell -1.17% to settle at $16.10, RadioShack Corporation (NYSE:RSH) moved up +1.25% to end at $4.06 while GameStop Corp (NYSE:GME) plunged -0.77% to finish on Friday at $18.13.
Best Buy Co., Inc (NYSE:BBY) on July 06, 2012 it decreased -0.69% to the closing price of $21.59. The overall volume in the last trading session was 8.00 million shares. Its fifty two week range was $17.53-$32.12. The total market capitalization remained $7.34 billion.
BBY is ahead its 52 week low with +24.19% and lagging behind from its 52 week high price with -31.93%. BBY last month stock price volatility remained 4.85%. In its share capital BBY has 339.90 million outstanding shares among them 270.45 million shares have been floated in market exchange. BBY stock institutional ownership remained 79.47% while insider ownership included 1.04%.
The stock price of BBY is moving forward from its 20 days moving average with +7.27% and remote positively from 50 days moving average with +8.68%. BBY current year earnings per share experienced an addition with -183.87% while its current quarter performance remained -3.18%. Company’s beta coefficient included 1.31. Beta factors measures the amount of market risk associated with market trade.
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