Either the market does not believe that Best Buy’s (NYSE: BBY) new CEO Hubert Joly, former head of hotel operator Carlson, can turn the consumer electronics retailer around, or fears have grown that founder Richard Schulze will withdraw his offer to take the firm private. One or both of these concerns drove shares down 7% early today to $18.80
Joly does come from the hospitality industry, which reasonably raises the question of his qualifications. Couldn’t Best Buy find a major retail executive?
Best Buy’s board has been sparring with Schulze over due diligence parameters. The two are deadlocked for the time being, which means his offer may not proceed.
The market also realizes that who manages Best Buy may not matter. It has more than 160,000 workers and thousands of stores. Its e-commerce foot print is small compared to Amazon.com Inc.’s (NASDAQ: AMZN). And all big-box retailers, including Wal-Mart (NYSE: WMT) and Costco (NASDAQ: COST), have consumer electronics departments of their own.
Douglas A. McIntyre
Travel Cards Are Getting Too Good To Ignore
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.