Best Buy's Stock Scores Best Price Gain In 31 Years As a Public Company

Shares of Best Buy Co. Inc. had their best day in more than 15 years to close a 1 1/2-year high on Tuesday in the wake of better-than-expected fiscal second-quarter results, with same-store sales showing surprise growth for the first time in a year. The stock rocketed $6.43, or 20%, to $39.23, the highest closing price March 25, 2015. That's the biggest one-day price gain since the consumer electronics retailer went public in April 1985, and the biggest percentage gain since it soared 23% on Jan. 3, 2001. Credit Suisse analyst Seth Sigman said the strong quarterly results provides better visibility into the second half of the year, and left him upbeat about product drivers outside of mobile. But he said the "biggest surprise" was the 0.8% increase in same-store sales--the FactSet consensus was for a decline of 0.4%--"as expectations were much lower following the weaker industry data points." The stock has run up 29% year to date, while the SPDR S&P Retail ETF has gained 6.8% and the S&P 500 has advanced 7%.