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Top consumer electronics chain Best Buy Co. Inc. reported lower-than-expected quarterly profit on a surprise drop in sales at established stores and a decline in its U.S. market share.
The lackluster report from the retailer seen as a bellwether in consumer electronics pushed its shares down 14.5 percent in morning trading and cast a shadow on the strength of the recovery in the consumer-driven U.S. economy.
A customer shops for TVs at Best Buy. (AP Photo/Ron Heflin)
An historically large oversupply of LCD TV panels is causing television prices to fall right in time for the holiday shopping season.
By the end of this month, LCD TV prices will be about 5 percent lower than they were at the same time last year, according research firm DisplaySearch. But a tailspin will start in October: In the last three months of the year, the firm forecasts that prices will keep falling until they bottom out at 12 percent below 2009 levels. Get the full story »
