Best Buy Drops Most in 8 Years After Cutting Forecast
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Best Buy Co., the world’s largest consumer-electronics retailer, fell the most in more than eight years after slashing its annual profit forecast amid increasing competition from Wal-Mart Stores Inc. and Target Corp.
Best Buy plunged $6.18, or 15 percent, to $35.52 at 4 p.m. in New York Stock Exchange composite trading, the biggest drop since Aug. 8, 2002. The shares have declined 10 percent this year.