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Best Buy Shares Are Getting Obliterated

Mamta BadkarJan 16, 2014, 17:49 IST

Reuters/Shannon StapletonBest Buy shares are tumbling in pre-market, down 20% to $29.68.

This comes after the retailer announced horrible holiday results.

"When we entered the holiday season, we said that price competitiveness was table stakes and an intensely promotional holiday season is what unfolded," said Hubert Joly, Best Buy president and CEO said in a press release.

"This investment in pricing did come with a higher-than-expected cost, and we now estimate our fourth quarter non-GAAP operating income rate will be 175 to 185 basis points lower than last year."

More to come...

Click here for the press release >