This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The 5 Dumbest Things on Wall Street This Week: April 13

1. Dunn And Over

There's something silly going on surrounding the sudden departure of Best Buy (BBY - Get Report) big wig Brian Dunn. We don't know exactly what it is yet, but trust you us, when a CEO steps down as a result of "personal conduct" issues you can rest assured it will eventually hurtle down our very dumb alley.

The good news for shareholders, we suppose, is that Dunn's shenanigans were "unrelated to the company's operations or financial controls", according to Best Buy's external spokeswoman.

So at the very least Best Buy investors concerned with the fact that Dunn jumped ship prior to the end of an audit committee investigation can rest a little bit easier. Or at least as easy as investors who have seen the value of their stock sliced in half over the past 5 years can rest.

And since we don't know precisely what Brian Dunn did, we won't even wager a guess and risk the disappointment that the real story doesn't match up to the juicy stuff now circulating through Wall Street's rumor mill. (Ah, bless you Mark Hurd for making CEO resignations sexy again.)

All that said, we do know what Dunn didn't do, and that is successfully run his company during his three-year tenure in the top spot.

Once the electronics retailer to beat, Best Buy has rapidly devolved into what many gadget shoppers refer to as " Amazon's (AMZN) Showroom." And when Dunn tried to fight back against the Internet retail juggernaut, he failed miserably as evidenced by the company's catastrophic performance last holiday season when it proved unable to deliver gifts ordered online before Christmas morning.

Most recently, Best Buy posted fourth-quarter results that missed Wall Street's revenue forecast. It also announced the closure of 50 of its U.S. stores in fiscal 2013 as part of a plan to cut $800 million in costs by fiscal 2015.

Put it all together and its quite clear that Dunn should have cut himself out of the picture a long time ago.

"I have enjoyed every one of my 28 years with this company, and I leave it today in position for a strong future," said Dunn in a press release.

That's all well and good Brian. But until we hear the whole story, we don't think you're done just yet.

Written by Gregg Greenberg in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
5 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BBY $32.08 -1.75%
MOH $51.76 -19.40%
NOK $5.87 -0.84%
SNE $24.10 -0.66%
AAPL $93.74 -1.15%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs