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NEWS ABOUT: Best Buy

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Slow Day Sees Modest Losses

Stocks end mostly lower after Bernanke testimony

(Newser) - The markets slid into negative territory after Ben Bernanke's Congressional testimony on the state of the economy today, but trading was generally low-key. "Flat is good," an economist told the Wall Street Journal. "People are getting their nerve back." The Dow ended down 45.44 at... More »

'Retail Renting' or Stealing? Stores Crack Down

Shoppers who repeatedly buy and return merchandise face tougher policies

(Newser) - It’s called “wardrobing” or “retail renting,” when a consumer buys, uses, and then returns merchandise, and the National Retail Federation says it’s growing more popular with shoppers, the Boston Globe reports. It's also becoming a bigger headache for merchants as the economy tightens and businesses... More »

Porn-Thieving Geek Squad Needs Spanking

Privacy invasion, and Best Buy's response, appalling, scribe says

(Newser) - No matter where you stand on pornography, Violet Blue writes in the San Francisco Chronicle, the theft of it from computers brought in for repair by Best Buy's Geek Squad is an appalling privacy violation—and the company's response isn't much better. After king Geek Robert Stephens brushed off a... More »

Stocks Mixed on Bad Tidings

Dow, Nasdaq dip slightly amid more recession fears; S&P ticks up

(Newser) - The markets ended a blustery week today with a session of light losses and minor gains on bad economic news from retail and manufacturing, MarketWatch reports. The Dow fell 28.77 to 12,348.21, and the Nasdaq fell 10.74 to 2,321.80. The S&P 500 capitalized... More »

Sprint Nextel Revives WiMAX Plans

Mobile carrier looks for partners to cut cost of high-speed wireless network

(Newser) - Struggling Sprint Nextel, burdened with layoffs, retail store closings, and massive mobile-subscriber defections to AT&T and Verizon, may be getting back in the game. The company, which recently caved to investor pressure to drop plans for a $5-billion nationwide WiMAX network, is again talking with Clearwire, its partner in... More »

TV Makers Scoff at Your Puny Recession

Say buyers will continue snapping up flat panels; investors not so sure

(Newser) - Who cares if there’s a recession? The Super Bowl’s on! Even after the worst retailing Christmas in years, the makers of flat-panel, high-definition TVs are confident their trendy product will keep selling, spurred by falling prices and prime tube-watching events like the Olympics. One market-research firm is predicting... More »

States, Sellers Drooling Over Gift Card Sales

Retailers add revenue when they're used, but states want their share

(Newser) - After enduring tepid holiday sales, retailers are happily awaiting $8 billion from shoppers with unused gift cards—because only then can sellers claim the added revenue, BusinessWeek reports. But some US states say that their unclaimed-property laws enable them to extract a piece of the left-over card pie. What's really... More »

Retailers Await Last-Minute Gift From Shoppers

Procrastinators find big sales, long lines

(Newser) - Last-minute shoppers navigated long lines over the final pre-Christmas weekend, nudging retailers toward the modest growth in sales they’d expected. Deep discounts cut into profits, but retailers like Macy's and Kmart stayed open around the clock to accommodate shoppers, the Wall Street Journal reports. “The procrastinators finally got... More »

Consumers Open Wallets Wide

Spending index records biggest increase since July 2005

(Newser) - Consumer spending grew 1.1% in November, its biggest rise since July 2005. The better-than-predicted figure accompanied a revised 0.4% October gain, adjusted from 0.2%. Taken together, the numbers “postpone fears of a recession at least until next year,” said one economist. Jobs numbers and salaries... More »

Stocks Climb After Rough Day

Contrary instincts make for roller-coaster session

(Newser) - The market was up and down all day today as investors divided on whether to applaud cash injections and welcome good earnings reports or fret over bad housing numbers and inflation concerns. The Dow ultimately climbed 65.27 to 13,232.47, the Nasdaq added 21.57 to 2,596.... More »

Best Buy Profit Soars 52% in 3Q

Less discounting helps retail giant best expectations

(Newser) - A consumer hankering for big-ticket items—and a willingness to pay closer to full price for them—helped Best Buy's third-quarter profit rise 52%, reports the Wall Street Journal. Absent last year's discounting on flat-screen TVs, the country's largest electronics chain posted Q3 net income of $228 million, or 53... More »

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