Best Buy Misses Badly, Cuts Guidance (BBY)

Best Buy BBY is plunging 10% in pre-market trading after the company badly missed earnings and lowered guidance for 2011. Best Buy just reported earnings of 54 cents per share versus Wall Street estimates of 61 cents per share. Revenues came in at $11.89 billion versus the $12.47 billion Wall Street was expecting. 2011 earnings guidance was also cut. It lowered EPS guidance from $3.55-$3.70 per share to $3.20-$3.40 per share. Wall Street estimates $3.59 per share in earnings for 2011. At last check, shares of Best Buy were plunging, down 9% to $37.95‎, a loss of $3.75‎ per share.