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The Guardian - UK
The Guardian - UK
Business
Nick Fletcher

Best Buy warning sends shares sliding

Things have taken a turn for the worse after Wall Street futures - which had been indicating a slight opening fall - moved sharply lower.

They are now showing an 87 point decline following news that electrical retailer Best Buy has slashed its full year profit forecast due to weak consumer spending trends. The news comes a day after smaller rival Circuit City filed for Chapter 11 bankruptcy protection, and overshadowed hopes of US government aid for the struggling car industry.

Carphone Warehouse, which has a European joint venture with Best Buy, has slipped 8% to 140p.

So after being in positive territory for much of the day, the FTSE 100 is now down 31.85 points at 4214.84.

Meanwhile, for an interesting recap of the global financial crisis in the form of an A-Z, take a look at a piece by Tunku Varadarajan on Forbes.com.

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