Morning Gains in Best Buy (BBY) Shares Fade Away
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Shares of Best Buy Co. Inc. (NYSE: BBY) are fading this morning's gains related to a due diligence deal with founder and former Chairman Richard Schulze.
As illustrated by recent second quarter results, the company's fortunes continue to plummet although Schulze said he is willing to take the company private at $24-$26 per share.
There remains questions about the wherewithal of Mr. Schulze to actually pull off a deal, which is clearly reflected in the manic action in the stock price and the 25 percent discount to the bottom range of his proposal.
BBY last traded up 3.4 percent to $17.90, but are well off the day's highs of $18.65.
As illustrated by recent second quarter results, the company's fortunes continue to plummet although Schulze said he is willing to take the company private at $24-$26 per share.
There remains questions about the wherewithal of Mr. Schulze to actually pull off a deal, which is clearly reflected in the manic action in the stock price and the 25 percent discount to the bottom range of his proposal.
BBY last traded up 3.4 percent to $17.90, but are well off the day's highs of $18.65.
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