Apple to be Sued and CEO Dunn Quits Best Buy
In today’s late news, the Justice Department is seeking to sue Apple Inc. (NASDAQ:AAPL) and the CEO of Best Buy Co., Inc. (NYSE:BBY) has resigned suddenly.
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Let’s talk Apple first. AAPL shares closed the day down -1.22% at $628.44 after news of that the company will likely be sued over e-book price fixing. The Justice Department is investigating alleged price-fixing by Apple and five major publishers. A lawsuit against Apple could come as early as Wednesday but no final decision had been made. Shares of the company are still trading close to its 52-week high of $644.00. Apple Inc. shares are now trading with a P/E Ratio of 18.1 and EPS of 35.11.
In other news, Chief Executive Brian Dunn of Best Buy Co., Inc. (NYSE:BBY) resigned abruptly Tuesday. Apparently there has been a probe into his "personal conduct." This news comes on the tail of the stock hitting a 52-week low of $21.21 intraday before closing at $21.32, off -5.87%
The company reports that certain issues were brought to the board's attention regarding Mr. Dunn's personal conduct, unrelated to the company's operations or financial controls, and an audit committee investigation was initiated. The company then reported that Mr. Dunn chose to resign before the investigation was complete.