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BREAKING- Best Buy Down 2 Percent Premarket- Here’s Why (BBY)

5532842468_21bef14739_bShares of Best Buy (NYSE: BBY) are down 2.2 percent in premarket trading Tuesday. The move is being attributed to an 8-k filing that would allow Chairman Emeritus, Richard Schulze to sell shares of his common stock under a pre-arranged plan. Rule 10b5-1 allows directors, officers and other persons who are not in possession of material non-public information to sell stock under specified rules over time.

Later in the filing it says,“Mr. Schulze has informed the registrant that the stock sales to be effected pursuant to the Plan are part of his personal long-term strategy for asset diversification and liquidity.”

The stock sale will take place starting October 1 with the pre-arranged plan expiring March of 2014. Mr. Schulze will have no control over the timing of the stock sales under the plan.

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Disclosure: At the time of this writing, the author had no position in the company mentioned.

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