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Report: Best Buy Gaining Market Share

December 22, 2008 By Stephen Silver

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Despite reporting a 77 percent drop in third quarter profit last week, Best Buy's stock is looking up, due largely to an expected gain in market share brought on by Circuit City's bankruptcy.

That's according to a report by Barrons this weekend, which added that the company "should continue to shine throughout 2009."

Barrons described the company's shares as "every bit as tempting as a cut-rate iPhone." Best Buy's stock did indeed jump after the earnings announcement, because results had actually outperformed expectations.