Shares of Best Buy (BBY) Up 15% on Solid Q3 Earnings

Shares of Best Buy (NYSE: BBY) are trading at fresh session highs, currently up 15.5%, or $3.65, to $27.13. The stock is surging on better-than-expected Q3 earnings and maintained FY09 guidance.

As the company issued a FY09 warning on November 12, many investors were worried that Best Buy's Q3 would not meet Street expectations given the recent drastic slowdown in consumer spending. However, based on the stock's reaction this morning, Best Buy has clearly delivered once again.

Best Buy Co., Inc., together with its subsidiaries, operates as a specialty retailer of consumer electronics, home office products, entertainment software, appliances, and related services primarily in the United States, Canada, and China.

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