The Richfield, Minnesota based Best Buy Co., Inc (NYSE:BBY) stock climbed on Monday on a weekend announcement that its ex- chairman and founder is close to presenting a takeover offer for the electronics retailer to its board.
The Star Tribune, the big Minneapolis newspaper, announced on Saturday by mentioning a person familiar with the matter that founder Richard Schulze is near to presenting a buyout bid to the board. Schulze is the corporation’s major shareholder with a 21% stake.
Best Buy spokesperson and Schulze did not immediately return a request for comment.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. CONN’S, Inc (NASDAQ:CONN) increased +7.43% to settle at $15.90, RadioShack Corporation (NYSE:RSH) moved down -0.78% to end at $3.81 while GameStop Corp (NYSE:GME) plunged -2.07% to finish on Monday at $17.98.
Best Buy Co., Inc (NYSE:BBY) on July 02, 2012 it increased +5.92% to the closing price of $22.20. The overall volume in the last trading session was 35.78 million shares. Its fifty two week range was $17.53-$32.65. The total market capitalization remained $7.55 billion.
BBY is ahead its 52 week low with +27.69% and lagging behind from its 52 week high price with -30.01%. BBY last month stock price volatility remained 5.14%. In its share capital BBY has 339.90 million outstanding shares among them 270.45 million shares have been floated in market exchange. BBY stock institutional ownership remained 79.66% while insider ownership included 1.04%.
The stock price of BBY is moving forward from its 20 days moving average with +12.79% and remote positively from 50 days moving average with +11.90%. BBY current year earnings per share experienced an addition with -183.87% while its current quarter performance remained -4.64%. Company’s beta coefficient included 1.31. Beta factors measures the amount of market risk associated with market trade.
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