In this report: Best Buy (NYSE:BBY), American Express (NYSE:AXP) and Swisher Hygiene (NASDAQ:SWSH).
Best Buy (NYSE:BBY) shares tanked more than 7.4 percent today after the company announced that it plans to close 50 big-box stores while opening more in its smaller format stores. The plan fits in with the company’s broader efforts to cut costs by $800 million by 2015. The news came after the company posted a fourth quarter loss, in part due to restructuring costs. The company reported a loss of $1.7 billion, or $4.89 per share. Excluding one time items the company would have earned $2.47 per share, ahead of analyst expectations of $2.15 per share. revenue rose by 3 percent to $16.08 billion, bellow Wall Street estimates of $17.18 billion. Best Buy also released its expectations for the 2013 fiscal year. Earnings are expected to range from $2.85 to $3.25 per share, or $3.50 to $3.80 per share after adjusting for one time costs. Revenue is expected to range from $50 billion to $51 billion in 2013, slightly below analyst predictions of $51.6 billion.
American Express (NYSE:AXP) dropped over 3 percent today after receiving a downgrade from analysts at Wells Fargo. The firm cut its rating on the credit card company to ‘Market Perform’ from ‘Outperform’ with a price target of $60 to $64 per share. Wells Fargo cited American Expresses valuation and limited upside. AXP currently trades at $57.28 per share.
Swisher Hygiene (NASDAQ:SWSH) continued to plummet today after the company announced on Wednesday that it was delaying its annual report and would possibly restate earnings for the first three quarter of last year. Swisher Hygiene fell to a 52 week low of $2.25 per share today after sinking more than 18 percent.
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