Best Buy sees biggest gain since 2008 on founder bid
August 6, 2012, 10:04 AM
Best Buy shares are surging Monday on reports Richard Schulze, the founder and former chairman of the struggling technology retailer, has offered to buy the remaining shares and take the company private.
The stock BBY +16.89% rose 17.74% to $20.77 in recent trading.
That’s the biggest gain for the stock since December 16, 2008 when it rose 17.94%.
It’s also enough to get the stock back over its 50-day moving average of $19.33. The stock’s 200-day moving average is $23.14, according to data compiled from Factset.
However, in a measure of market skepticism, the stock remains well below the reported range of $24 to $26 a share in the bid