Best Buy Shares Slump, Fall as Much as 7%
Shares of Best Buy (NYSE: BBY) traded lower on Thursday, dropping as much as 7% before rebounding in the late afternoon.
Even with the loss, Best Buy is trading far higher than last week when it was hoovering near $17.50.
Founder and former Chairman Richard Schulze announced on Monday that he was planning to take the company private, and was working to get financing together for a bid between $24 and $26 per share.
Yet, as Best Buy remains below $20, many may doubt Schulze's ability to raise the necessary capital required for such an offer.
In addition, shares may have taken a slight hit on reports out of MacRumors that Apple (NASDAQ: AAPL) was planning to institute price matching on the iPhone. While the iPhone is far from the only item the electronics retailer sells, the loss of those sales would certainly not be beneficial.
Shares of Best Buy traded near $19.20 during Thursday's session.
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