Best Buy (BBY) Short Squeeze, Up 15% In Mid-Day Trading

Best Buy (NYSE: BBY) is trading up 15% in mid-day trading after announcing results ahead of the Street consensus. Best Buy topped the Street view by 21 cents. BBY also guides higher, saying it sees FY10 EPS $2.50-$2.90, versus the consensus of $2.47. Best Buy expects to open 65 new stores in FY10. Click here to see our full report on the Q4 earnings.

Part of the upward move in Best Buy has to contributed to a short squeeze, as 8.4% of the Best Buy float is currently short, which is up 5% from the previous quarter. After Best Buy announced its strong results and forecast this morning, shorts who were betting against BBY, were forced to cover or buy the shares which further accelerated Best Buy shares to levels that we are seeing now.

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Best Buy Co., Inc. (Best Buy) is a specialty retailer of consumer electronics, home office products, entertainment software, appliances and related services.

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