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Update: Best Buy, Ames Get Pummeled After Warnings
Updated from 11:39 a.m. EST
Investors bailed from Best Buy(BBY Quote) Thursday, driving its shares down 38% after the electronics retailer warned that its profits for the rest of the year would sag amid a tougher economic climate.
Best Buy, which sells computers, software and appliances as well as electronics, explained that it had increased promotional activity at its stores to attract more reluctant consumers, but the efforts likely would lower its earnings and gross margins.
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