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


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."

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