Good morning from the business news desk of the Star Tribune.
Best Buy shares look set to lose about 25% of their value when the market opens in a few minutes. The company's holiday sales report, a glimpse it provides every year of the nine-week selling period that ended this year on Jan. 4, showed that US comparable store sales fell .9%. Investors were expecting a slight gain. After trading at highs in October and November, Best Buy shares this morning will fall below $30, a level last seen last spring.
UnitedHealth Group, Minnesota's biggest company by revenue, is also making news this morning with fourth-quarter earnings that were in-line with market expectations. Earnings per share at $1.41 was right on the dot. Revenue of $31.1 billion was slightly below the market consensus of $31.2 billion.
U.S. stock futures are slightly lower at the moment. Asia was mixed overnight and Europe is mostly lower at the moment.
It's a 31% drop at the open for BBY