U.S. stock markets remained relatively unchanged this afternoon, maintaining their record highs. On a day of very light volumes, most of the attention focused on monetary policy in Europe and several retail companies that reported earnings today.
The S&P 500 Index is on track to finish second-quarter earnings season at historic highs, with just a handful of the benchmarks' members still set to report earnings.
Tuesday's hot stocks to watch list is a hodgepodge of companies posting quarterly results, including a major electronics retailer, a firearms manufacturer, a semiconductor company, and more.
Second-quarter earnings season is winding down, with 480 S&P 500 components already reported. Total earnings for members that have turned in results are up 8.2% from the same period last year, with 66% beating expectations.
A number of key industry players are still on tap to report earnings.
Looking at today's market, it's hard to believe Best Buy Co. Inc. (NYSE: BBY) stock soared 254% in 2013, landing it among the 10 best-performing stocks of 2013.
Today (Thursday), shares of the Richfield, Minn.-headquartered company plummeted some 33% following reports of disappointing holiday sales. It was the largest single-day percentage drop for the stock since Aug. 8, 2002.
According to Bloomberg News there was "no disagreement on any matters relating to operations, financial controls, policies or procedures." Dunn's departure was "part of a mutual agreement of the necessity to address the challenges that face the company."
Dunn was with the company for 28 years, starting as a store assistant. Board member G. Mike Mikan will take over as interim chief executive.
Despite Dunn's decades-long commitment to the company, he might not have had what's needed to dig Best Buy out of the hole into which it's sinking. The ailing retailer is in the midst of revamping its stores and overhauling its business model, attempting to attract customers - and more importantly, get them to buy.
"[Dunn] grew up in the store. His specialty is the stores," Stacy Widlitz of SW Retail Advisors told The Financial Times. "Was he the right guy for the chief executive? In this environment he was probably not the ideal candidate."
After years of slipping sales and struggling performance among retail stocks, Best Buy Co Inc. (NYSE: BBY) has decided to revamp -- a long overdue move to hold on to customers and investors.
Best Buy announced today (Thursday) that it would close 50 stores and redesign its big box business model to compete with online retailers.
Best Buy, the world's largest consumer electronics retailer, has suffered six straight quarterly sales declines at stores open at least 14 months. It also reported Thursday a fourth-quarter loss of $1.7 billion.
The news triggered Best Buy shares to slide almost 10% in early morning trading.
Best Buy's initiative to finally update its business model and adapt to a changed retailing landscape could be too late to salvage sinking investor confidence, signaled by today's selloff.
"We are concerned that a turnaround of this magnitude will further weaken Best Buy and increasingly distance it from its vendor partners and core customers in an already very precarious environment," Oppenheimer analyst Brian Nagel told MarketWatch.