Best Buy Falls Following Amazon Geek Squad Report

Best Buy Co Inc BBY shares are trading lower by $3.87 (6.4 percent) at $54.00 in Monday's session.

Before the open, a Recode report indicated Amazon.com, Inc. AMZN is quietly rolling out its own Geek Squad to assist in setting up electronic devices in homes and or businesses.

After a lower open, Best Buy managed a brief 33-cent bounce to $55.51 before continuing its stealth move lower. So far, the ensuing decline took the stock to $53.10, but rebounded back to the $54.00 area.

That marks the lowest level for Best Buy since it sprinted from $50.42 to $61.25, when the Street piled into the stock after its Q1 EPS and revenue beat on May 25.