Best Buy Down 7% In Morning Trade

Shares of retailer Best Buy Co., Inc. (BBY) are down 7 percent on Wednesday's trading. The stock is one among the many retail stocks, which has been negatively impacted by department chain Target Corp. (TGT) reporting lower first-quarter profit and missed the Street estimates.

Target's earnings came in at $1.01 billion, or $2.16 per share, lower than $2.10 billion, or $4.17 per share last year.

The company's adjusted earnings were $2.19 per share for the period, while analysts were expecting earnings of $3.06 per share.

Currently at $76.90, the stock has traded between $74.83 and $141.97 during the past 52 weeks.

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