Wall Street showing some love to Best Buy, shares up 46%

Author:
Updated:
Original:

Best Buy Co.'s stock price has jumped more than 45 percent in 2013 after struggling much of last year, the Pioneer Press reports. One analyst is praising the retailer's new executive team for "making tough decisions and stressing simple, measurable financial goals and operational accountability."

CEO Hubert Joly joined the troubled Richfield-based consumer electronics company last summer to turn around dismal sales.

Best Buy announces earnings next week and the newspaper says there are rumors of more executive changes at its corporate headquarters.

The company posted better-than-expected holiday sales and will permanently match online prices starting March 3.

The recent improvements could complicate Richard Schulze's efforts to take the company he founded 45 years ago private, the Star Tribune reports.

Earlier this month, unidentified sources said Schulze's group was having trouble finding investors willing to finance a deal.

He has until the end of the month to submit a bid to Best Buy's board, unless another extension is granted.

Meanwhile, Bloomberg says Citigroup agreed to take over Best Buy's credit-card business from Capital One.

Best Buy is also eager to see HTC back in the market. The retailer is the main partner for the new HTC One that will be available late next month.

Allister Jones, marketing chief for Best Buy's connectivity business group, told VentureBeat, “We need customers to have more than two choices when it actually comes to smartphones. So we’re excited not just about this phone from HTC, but to see what else comes from HTC this year."

Jones added that 2013 is “going to be an exciting year for smartphones."

Next Up

Starlink satellites

Strange lights in Minnesota sky Friday night were SpaceX satellites

SpaceX is planning to launch 60 more Starlink satellites on Sunday, May 9.

Jorge Polanco

Shoemaker, Twins lineup rebounds against Tigers

Jorge Polanco homered in a 7-3 victory over Detroit.

Kirill Kaprizov / Minnesota Wild

Watch: Kaprizov's OT winner lifts Wild into 2nd place in West

Kaprizov's goal gave the Wild a 3-2 victory over the Ducks.

Byron Buxton

Buxton placed on IL, Trevor Larnach called up

Buxton could be out "for weeks" with a hip strain.

A bald eagle perched on branches.

USFWS confirms 2 bald eagles were shot dead

The agency is offering a reward for information in the case.

A newborn baby, wrapped in a blanket with its mother.

Most popular baby names includes one not in top 10 for 100 years

But Olivia and Liam once again led the way for girls and boys.

Minnesota Lottery

Names of big Minnesota Lottery winners to be kept private thanks to new law

The Minnesota Legislature passed the bill unanimously and Gov. Tim Walz signed it into law this week.

FLickr - COVID-19 vaccination - Commander, U.S. Naval Forces

All 8 state COVID-19 vaccine sites now accept walk-ins

Adults can get a no-cost vaccine without making an appointment.

Wilf

Report: Vikings owners nearing purchase of Orlando City MLS franchise

The Wilfs reportedly attempted to buy the Minnesota United expansion franchise years ago.

bemidji paul bunyan

Video shows the moment someone broke the Paul Bunyan statue's arm

Police are asking for the public's help to identify those involved.

Related