Best Buy announces $3 billion buyback plan, shares spike to 3-month high (BBY)

Associated Press/Bebeto Matthews

  • Best Buy‘s holiday quarter beat on the top and bottom lines. 
  • The big-box retailer’s board approved a new $3 billion share buyback plan. 
  • Shares surged nearly 15% on Wednesday to the highest level since November.
  • Watch Best Buy trade live.

Best Buy reported quarterly earnings and revenue on Wednesday that topped analysts’ expectations, sending shares rallying 15% to a three-month high.

The Minnesota-based retailer said its board authorized a $3 billion share buyback plan, and plans to spend between $750 million and $1 billion on share buybacks during its fiscal year 2020.

See the rest of the story at Business Insider

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