Best Buy Leads Techs Higher After Retailer's Solid Results

Best Buy jumped $6.68, or 11%, to $65.80 on the New York Stock Exchange. The Minneapolis company reported its net soared to $170 million, or 51 cents a share, in the fiscal first quarter, from $114 million, or 34 cents a share, a year earlier, amid improved margins as customers scooped up portable media players, digital televisions and digital cameras. Revenue increased 12%. The retailer also raised its outlook for 2006, citing its better-than-expected first-quarter results and a lower tax rate.

Source: WSJ


Posted: Tue - June 14, 2005 at 12:00 PM