Best Buy Stung by Tech Spending Slump - TheStreet

Best Buy Stung by Tech Spending Slump

While sales of notebook computers and mobile phones were solid, the long-running TV expansion run has slowed.
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NEW YORK, (

TheStreet

) -

Best Buy's

(BBY) - Get Report

surprising miss

shows tech consumers flinched this spring as the global economic rebound stalled in Europe.

The report from the top electronics retailer Tuesday seemed to point at weak TV sales and a drop in demand for games, videos and music. But on the brighter side, Best Buy said it saw strength in notebook computers, mobile phones and appliances.

More on Best Buy Results Best Buy Stock Bombs on Earnings Miss

If true, this could mean that the PC sales recovery is still going strong, a good sign for computer giants

Hewlett-Packard

(HPQ) - Get Report

,

Dell

(DELL) - Get Report

and

Apple

(AAPL) - Get Report

.

Perhaps more telling of the general consumer appetite is the slowdown in TV sales. The supersizing trend in HD TVs has been one of the strongest and more resilient segments of the tech market. The decline in TV sales is not good news for LCD glass makers like

Corning

(GLW) - Get Report

or TV panel makers like

LG Display

(LPL) - Get Report

.

Tech stocks have taken a beating recently, the Nasdaq fell 8% last month amid fears that global economic expansion would be derailed by debt crises and the weakening of the euro.

Corning shares were down 1% to $18.12 in premarket trading Tuesday.

--Written by Scott Moritz in New York.