Best Buy (BBY) Leads Dow Jones Index Lower as Schulze Shocked at Board, CEO Appointment

Best Buy (NYSE: BBY) shares are leading the Dow Jones Industrial Average lower Monday following moves by the big box retailer that put a wet blanket on any M&A momentum it had going the last few weeks.

Over the weekend, founder Richard Schulze said he rejected a proposal by Best Buy to form an investment group. Schulze instead requested more information for due diligence purposes.

In addition, Best Buy named Hubert Joly as President and Chief Executive Officer. Schulze responded to that announcement as well.

Schulze was proposing to take over Best Buy at $24 to $26 per share, with the founder saying the two conducted positive meetings over the weekend.

News also comes ahead of Best Buy's Q213 earnings report, expected out before U.S. markets open Tuesday. The Street is currently looking for 34 percent of earnings consolidation to $0.31 per share.

Shares of Best Buy are down 7 percent on the session Monday.

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