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


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.