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Best Buy shares have another good day


A big promotion and a positive sales report played a part in another big jump in Best Buy Co.'s stock.

The 7.6 percent increase in share price on Thursday was one of its best moves in a year of mostly good ones for the Richfield-based electronics retailer.

Best Buy shares rose $2.74 per share to close at $39. It was their biggest one-day move since Aug. 20.

The Star Tribune reports Best Buy stock has now risen about 245 percent in 2013, and with Thursday's move it became the best performing stock in the S&P 500 index, sneaking by Netflix Inc.

The stock jumped at the open on Thursday, even before the company confirmed a new promotion on Apple's iPones that was rumored earlier in the week.

The Minneapolis St. Paul Business Journal says an ITG Investment Research analyst issued a positive report on the company's sales. The report estimates that Best Buy's domestic same-store sales are up by 3 to 5 percent through September, far exceeding estimates of less than one percent.

The stock's 52 week high is $39.28.

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