Best Buy Sinks Most Since 2002 After Discounts Hurt Profit
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Best Buy Co. tumbled the most in more than nine years after the world’s largest consumer-electronics retailer’s third-quarter profit declined more than analysts estimated, hurt by Black Friday discounts.
Best Buy fell 15 percent to $23.73 at the close in New York, the biggest drop since Aug. 8, 2002. The shares have slumped 31 percent this year.