NYSE) drops more than 10% on lousy sales

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  • The S&P 500 Index was down more than 2% on the day.
  • Shares of Best Buy Co Inc (BBY: NYSE) suffer heavy losses after lost fourth quarter sales.
  • Quanta Services Inc (PWR: NYSE) on strong earnings figures.

The S&P 500 Index (SPX) It started the day with moderate losses, but came under strong downward pressure and safe-haven flows continued to dominate financial markets. At time of writing, the SPX is down 2.2% on the day at 3,838.

S&P 500 Major Changes

Earlier in the day, Best Buy Co Inc (BBY: NYSE) announced that it is forecasting comparable sales for the full year between a 2% drop and a 1% increase, compared to market expectations of a 1% increase. , 6%. On a positive note, the consumer electronics retailer posted a fourth-quarter profit of $ 3.48 per share versus analysts’ estimate of $ 3.45. However, BBY came under heavy selling pressure and was last seen losing 10.3% on the day at $ 63.25.

On the other hand, Quanta Services Inc (PWR: NYSE) shares are the highest percentage of daily gain on Thursday after the company reported a 42% increase in quarterly net income. The infrastructure contracting service provider also announced that it is targeting 2021 revenue in the range of $ 11.95 – $ 12.35 billion, compared to analysts’ estimate of $ 11.90 billion. Fueled by the bullish report, PWR jumped to a new all-time high and was last seen gaining almost 5% at $ 85.

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