Diamonds and Dogs
12/14/12Best Buy Co. Inc. (BBY)
Investors don't think Best Buy is the best buy today, with shares down 14.73% at $12.04. The electronics company saw its stock drop after releasing news that they would extend the deadline for an offer to buy the company. Ex-CEO of Best Buy, Richard Schulze, has been working on a deal to buy the company and take it private. Yesterday, Best Buy rallied 16% on news that Schulze was expected to make an offer of $5-$6 million, with the deadline to make of the offer being this Sunday. However, Best Buy has decided to extend Schulze offer deadline till after the holiday season. Investors are not taking this news well as many had piled into the stock on the hopes of a sale. With no deal in the near future, investors are taking their money elsewhere.
Viad Corp (VVI)
Viad Corp is making a splash today, up 8.19% at $26.54. The trade show company saw its shares go into the green after news was released that the company was looking to split up its business. Viad said that it was considering splitting its travel and recreation, and its marketing and events businesses as part of a review of its options for boosting shareholder value. The company hired JP Morgan Securities LLC to help evaluate its options. Furthermore, Viad also said that its board approved the repurchase of up to an additional 1 million shares of the company's stock. Investors seem to like the direction the company is heading; shares hit a new 52-week high today.