Best Buy Co Inc BBY shares are trading higher by $2.55 (6.6 percent) at $43.00 in Thursday's session. The catalyst for the strong rally is Q3 EPS beat of $0.15 along with $10 million beat for revenues. The company also raised its Q4 EPS guidance.
Following a higher open, it jumped in the next few minutes to $43.47 before reversing course. That marks the highest level for the issue since November 2013, when it peaked at $44.15.
The quick retreat has found intra-day support at $42.55, which was way ahead of the top of Wednesday's range ($40.60) and the issue is attempting to remain in the $43 handle.
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