Great joke doc. Thean, here is help for BBY:
Tuesday February 1, 11:11 am Eastern Time
Best Buy authorizes $400 million stock buyback
MINNEAPOLIS, Feb 1 (Reuters) - Best Buy Co. Inc. (NYSE:BBY - news), the nation's leading retailer of consumer electronics, personal computers, entertainment software and appliances, said on Tuesday that its board authorized the repurchase of up to $400 million in common stock.
Over the past year, the company said it has bought back 5.6 million shares for about $300 million. There are currently just over 200 million shares outstanding.
``The strength of our business throughout the holiday season, and our optimistic outlook for future business, gives our board confidence that Best Buy can continue to grow with internally generated funds,' said chairman and chief executive Richard Schulze. ``With our large cash position, we felt an expansion of our share repurchase program was an excellent means to increase shareholder value.'
The company announced in December that Microsoft Corp. (NasdaqNM:MSFT - news) was expected to acquire $200 million in new shares of Best Buy common stock. Those shares were expected to be issued upon execution of a strategic agreement between the two companies in the next 60 days. |
