Best Buy 3Q Profit Falls Below Forecast
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By CHRIS WILLIAMS  MINNEAPOLIS - Discounting took a bite out of Best Buy's third quarter earnings. The nation's largest consumer electronics retailer said Tuesday that fierce competition forced it to sacrifice profit for market share, but all should be well in the fourth quarter.
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Stocks edged down at the opening on Tuesday as disappointing earnings from Best Buy Co. Inc.  revived worries about consumer spending.
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New York Times Co. NYT.N on Monday  forecast third-quarter and full-year earnings below Wall  Street's average estimates, citing lower-than-expected revenue  so far in September.
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Texas Instruments Inc. cut third-quarter revenue expectations Wednesday but narrowed its profit forecast to the upper end of previous guidance.
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The diversified manufacturer 3M posted a weaker-than-expected quarterly profit and said global economic growth was slowing, setting off a 5.1 percent decline in its share price.
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Top consumer electronics retailer Best Buy Co  on Friday posted slower growth in same-store sales for December as weaker consumer spending hurt television sales, and its shares fell more than 4 percent.
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Best Buy Co., the nation's biggest consumer electronics retailer, said Tuesday its third-quarter profit jumped 52 percent, boosted by holiday shopping and sales of higher-ticket items such as flat-panel TVs.
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U.S. Steel Corp  said on Tuesday third-quarter profit fell 35 percent because of weaker tubular steel prices and declines in European shipments, and said its fourth-quarter earnings would be even lower.
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SAN FRANCISCO - Advanced Micro Devices Inc. reported a third-quarter profit from a loss a year-earlier on today, but sales fell from the second quarter in line with the chip maker&#39;s recently reduced outlook.
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Nortel said it expects revenue for the third quarter to fall short of expectations.
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U.S. stocks ended down on Tuesday, pressured by disappointing results from consumer electronics chain Best Buy Inc.  and a weak forecast from steel maker Nucor Inc.
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The newspaper publisher and television station operator said third-quarter profit fell to $2.5 million as ad revenue slumped.
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PITTSBURGH, Oct. 30  â United States Steel said Tuesday that its third-quarter profit fell 35 percent, hurt by lower prices, shipments and costs related to raw materials and a recent acquisition.
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Best Buy Co. Inc.  reported lower-than-expected quarterly profit on Tuesday as the consumer electronics retailer cut prices on flat-panel TVs to boost sales at the start of the holiday shopping season, sending its shares down 5 percent.
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Depressed sales at Federated Department Store Inc. stores in Florida will cause third-quarter results to come in lower than expected, the company announced today.
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Stock index futures indicated a slightly lower start on Wall Street on Tuesday before a Federal Reserve interest rate decision and after electronics retailer Best Buy Co.  reported disappointing earnings.
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Best Buy Co. Inc. said Tuesday its third-quarter profit rose 9 percent as customers bought more expensive products, but results were below expectations as the nation's biggest consumer electronics retailer made greater use of promotions to move merchandise.