Quick Look Market Closing Price:
At the close: Dow -0.7% to 12647. S&P -0.9% to 1340. Nasdaq -1% to 2902.
Treasurys: 30-year +0.18%. 10-yr +0.06%. 5-yr +0.01%.
Commodities: Crude -2.37% to $83.95. Gold -1.32% to $1568.15.
Currencies: Euro -0.52% vs. dollar. Yen -0.2%. Pound +0.06%.
After Hours News:
Best Buy (BBY) is down 4.5% AH thanks to hhgregg's guidance cut. The fact hhgregg's (HGG) cut was blamed on weak video (i.e. TV) sales has to be especially worrisome to Best Buy investors, given hopes that sales of TV sets, which tend to be sales-intensive, would hold up relatively well against the e-commerce onslaught. Perhaps recent manufacturer efforts to limit discounts ended up backfiring.
Hhgregg (HGG) get crushed in after-hours trading after the company says that it sees same-store sales falling even more than it originally anticipated in FY13 and cuts its outlook for FY13 EPS to $0.90-$1.05, from prior guidance of $1.12-$1.27. The company says lower than expected sales in its video category contributed to the revised outlook. Shares -22.3% AH.
Audiovox (VOXX): FQ1 EPS of -$0.20 misses by $0.27. Revenue of $194M (+17.4% Y/Y) misses by $13M. Shares -14.3% AH.
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