Best Buy Surges Because They're Doing a Lot Better Than You Thought

TheStreetJune 10, 2014

Shares of Best Buy popped on Tuesday making it TheStreet's Move of the Day. The big box electronics retailed raised its dividend two cents to $0.19 a share, suggesting that major changes within the company are yielding positive results for shareholders. Best Buy CEO Hubert Joly said in a statement: "Our decision to increase the amount of cash we are returning to shareholders is indicative of our improved cash position and our confidence in the cash-generating power of our multi-channel business model." Shares jumped nearly 2 1/2 percent Tuesday to $29.49, making it one of the third-best performers in the S&P 500. TheStreet's Joe Deaux reports from Wall Street.