Lakeway, NY -- (SBWIRE) -- 02/26/2013 -- ThePennyStockProfiler.com, an investment community with a special focus on updating investors with recent news on the U.S. stock market, issues news alert on the following stocks:-
Google Inc (NASDAQ:GOOG)’s Android chief Andy Rubin says the company does not really require its own retail effort as few years back he said consumers needed to touch and feel devices but these days they can often get the information they need to make a purchase decision by talking to friends and reading reviews.
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“They don’t have to go in the store and feel it anymore,” Rubin said.
“For Nexus, I don’t think the program is far enough along to think about the necessity of having these things in a retail store.”
On plans whether Google as a whole might nonetheless be considering retail stores he said “Google has no plans and we have nothing to announce.”
“I’ve seen the same rumors you have,” said Google Play head Jamie Rosenberg. “I’m not going to comment,” on the company’s effort to move into subscription music.
Best Buy Co., Inc. (NYSE:BBY) shares fell by 65 cents or 3.82% to $16.35 in the afternoon session following an announcement made by the company of eliminating 400 jobs at its headquarters.
Working on a cost reduction plan Chief Executive Officer Hubert Joly declared of eliminating about $150 million in selling, general and administrative expenses.
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Joly, who took charge in September, is working on a plan announced last year to reduce costs by $750 million as the retailer competes with Amazon.com Inc. (AMZN) and Wal-Mart Stores Inc.
The cost reductions also come two days before the deadline for founder and former Chairman Richard Schulze to make an offer for the retailer. Schulze proposed a buyout of $24 to $26 a share in August, about two months after resigning.
Global comparable-store sales fell 1.4%, less than the 2% decline projected by analysts Mike Baker at Deutsche Bank AG and Scott Tilghman of B. Riley & Co.
The year-round policy, designed to end the practice known as “showrooming,” takes effect March 3 and retailer also will reduce its merchandise return policy to 15 days from 30 days said Matt Furman, a Best Buy spokesman.
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