Best Buy's Stock Jumps 9 Percent

Following the release of a glowing report from investment company Credite Suisse, the stock of Richfield-based Best Buy jumped nine percent yesterday, according to the Star Tribune. 

The company's per-share price jumped to nearly $30 after Credite Suisse said they believe Best Buy is about to reap large windfalls from efforts to transform its stores and a retail model under assault from online giants like Amazon.com and specialty retailers like The Apple Store.

“If there is one line to describe the change, it is that Best Buy is turning its store base from a cost liability to an offensive weapon,” the report says.

Best Buy also slashed expenses throughout the company, cutting 400 corporate jobs in February.