Best Buy CEO outlines turnaround plans
NEW YORK (AP) â¿¿ Best Buy's new CEO said Tuesday that its time for the struggling electronics chain to try to embrace one of its biggest problems, "showrooming" â¿¿ when customers check out electronics at its stores and then buy them cheaper online.
Ten weeks into the job, CEO Hubert Joly and other Best Buy executives laid out plans to reverse the consumer electronics chain's slumping sales and declining profit during an analysts' meeting in New York, which was webcast.This was the first chance for analysts to hear the plans Joly has for the company, which he laid out in detail, although he added that since he has only been on the job for a few weeks the plans are preliminary. ___ Microsoft releases IE 10 browser for Windows 7 SAN FRANCISCO (AP) â¿¿ The latest version of Microsoft's Web browser is now available to the vast audience connecting to the Internet on personal computers running on the Windows 7 operating system. The redesigned browser, Internet Explorer 10, made its debut last month when Microsoft released Windows 8, which makes dramatic changes to an operating system that has been powering PCs for decades. Internet Explorer 10 initially is being introduced Tuesday to Windows 7 users in a "preview," or test, mode. The new browser isn't compatible with XP, Vista and any other older Windows version. ___ By The Associated Press(equals) The Dow Jones industrial average closed down 58.90 points, or 0.5 percent, at 12,756.18. The Standard & Poor's 500 index lost 5.50 points, or 0.4 percent, to 1,374.53. The Nasdaq composite index fell 20.37 points, or 0.7 percent, to 2,883.89. Benchmark oil dropped 19 cents to end at $85.38 per barrel in New York. Brent crude, which is used to price international varieties of oil, fell 81 cents to $108.26 per barrel in London.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts