Thanks to a gloomy global economy, IHS iSuppi estimates that the PC market will drop by 1.2% this year to 348.7 million units.
Of course, PC profits are also getting squeezed by the increasingly popular tablet market. Something that Best Buy (NYSE: BBY) hopes it can use to its advantage.
According to a Reuters source, the company is creating its own branded tablet using Google’s (Nasdaq: GOOG) Android operating system.
Not all earnings news was bad, however. As Reuters says, “Strong earnings from corporate America during the regular trading session helped to lift stocks. The S&P 500 [had] its best two-day advance in a month.”