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Best of the Tech Blogs: Best Buy's Profit Plunge


Plus, should Apple help Facebook?

This column highlights the most interesting and useful business and financial commentary about the tech sector from around the Web.

LA Times
Link: Best Buy Profit Tanks 91%, Stock Tumbles to 9-Year Low
"Looks like Best Buy Co.'s (BBY) new chief executive has his work cut out for him, with the electronics retailer's profit falling 91% and its stock plunging to a nine-year low.

"The sour earnings report came the day after Best Buy announced Hubert Joly, head of Radisson and T.G.I. Friday's parent Carlson Cos., as its new chief executive."

ETF Daily News
Link: Will Apple Inc. (NASDAQ:AAPL) Buy Facebook (NASDAQ:FB)? No, but It'll be More Than a Friend
"It's a question that was getting asked as far back as three years ago, and seems to pop up again every time the Facebook (FB) stock price hits another new low: Will Apple (AAPL) buy Facebook?

"Some tech pundits think that because Apple Inc. has so much cash - $117 billion as of the June quarter – and lacks a presence in social media, buying Facebook just makes sense."

The Washington Post
Link: Facebook Still Under $20 Per Share After Thiel Sell-Off, but Recovers from New Low
Following another painful trading day Monday, Facebook's (FB) stock continues to trade below the $20 mark in Tuesday trading. The social media company hit a new all-time low of $18.75 in Monday trading - half of the company's original share price of $38 in May.

"Facebook's weak stock performance has reportedly taken a bite out of the value of its proposed Instagram acquisition, which still needs the approval of U.S. regulators. Valued at about $1 billion when it was announced in April, the New York Times' Dealbook reports that the deal now carries a value of about $735 million because it included some 23 million shares of Facebook stock. At the time, Facebook shares were valued at $30 per share."

Link: Google And eBay Benefit as Online Spending Trend Continues
"Baird Equity Research Technology recently attended a conference for Search Engine Strategies, where they also hosted a roundtable of e-tail industry experts.

"These people provided some insight that the online spending trend has increased thanks to the back-to-school season. These conferences include e-commerce merchants and big online advertising companies like Google Inc (GOOG) and eBay Inc (EBAY). Here are some other important points discussed in the interview."

Link: Confirmed: Gannett Has Bought Social Media Ad Company BLiNQ
"As we first reported the other day, the social media advertising company BLiNQ is getting bought by Gannett (GCI), owner of USA Today, a number of local newspapers, and broadcasters. The news was formally announced today.

"The price is not disclosed but we understand it to be up to $92 million, with $23 million of that up front and the rest over a period of three to four years."

Paid Content
Link: Why the Nook Is Failing: One Chart, Four Reasons
"A holiday sales spike following the launch of the Nook Tablet (BKS) in November 2011 hasn't been enough to sustain the Nook business. And despite the launch of the front-lit Nook e-reader in April 2012, Nook business revenues are flat compared to this time last year. (Or they're down: The Digital Reader points out that Barnes & Noble (BKS) previously reported Nook sales of $277 million for the period ending July 30, 2011, but now says they were $191.4 million. Update: A Barnes & Noble spokeswoman tells me, 'The $277 million we reported last year was for the consolidated Nook business across all of the company's segments, on a comparable sales basis. The $191 million of Nook segment revenues we reported for Q1 this year was on a GAAP basis, not a comparable sales basis.')"
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