Categories Retail, Technology

Best Buy stock slips following burglary, new deal

Best Buy (BBY) stock closed 0.7% in red on Wednesday after news broke out of the Hollywood-inspired burglary at its Georgia outlet. The stocks were also reacting to the consumer electronics retailer’s announcement that it is heavily investing in distribution facility from Liberty Property Trust (LPT).

Thieves broke into the store through the roof and rappelled down as you would see in a Tom Cruise flick, before stealing $100,000 worth of Apple (AAPL) products including MacBooks, iPads, and iPhones from the storeroom.

Since surveillance cameras were not installed here, the video footages of the incident were not available. Meanwhile, it is expected that surveillance video footages from the nearby areas might provide cops with some clues on the robbers’ identity. Police offices are probing whether the incident has any connection with other roof burglaries that have happened earlier in Florida and Texas.

On the same day, another report also grabbed some limelight. Best Buy said it has signed a lease agreement with Liberty Property Trust to rent 57,120 square feet at Liberty Ridge Business Park in Durham, NC. The retailer plans to use this distribution facility, which is likely to open this summer, as a home-delivery center for large appliances.

Best Buy stock had been trading between $55.17 and $75.86 for the past 52 weeks.

Most Popular

Earnings calendar for the week of May 17

Benchmark stock indexes pared their recent gains early this week amid elevated inflation concerns, but regained a part of the momentum later aided by recovery in tech stocks. The Dow

Aurora Cannabis (ACB) Earnings: 3Q21 Key Numbers

Aurora Cannabis Inc. (NYSE: ACB) reported third quarter 2021 earnings results today. Total revenues fell 25% year-over-year to CAD55.1 million. Adjusted EBITDA loss amounted to CAD24 million. Cash balance as

Walt Disney (DIS) Q2 revenue down 13%; earnings beat estimates

Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top