Best Buy Just Lost A Billion Dollars On News Of Amazon’s Geek Squad Competitor

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By Jason Del Rey, Recode

“On Monday morning, Recode reported that Amazon was quietly building out its own competitor to Best Buy’s Geek Squad gadget repair and installation service.  Almost immediately, investors reacted by selling out of Best Buy’s stock in a big way — the stock was down more around 7 percent as of 11:30 am ET on Monday. That drop works out to a loss of more than $1 billion in market cap for the brick-and-mortar electronics retailer.”

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