Shares of Best Buy Co Inc (NYSE: BBY) surged about 5.5% after the company reported better-than-expected fiscal first-quarter profit. Best Buy's profit dropped to $136 million, or $0.35 per share, from $155 million, or $0.36 per share, in the year-earlier quarter. Its sales surged 1.4% to $10.9 billion. Best Buy's comparable sales declined 1.7%. However, analysts were expecting earnings of $0.33 per share on revenue of $10.70 billion. Best Buy kept its full-year forecast for adjusted profit of $3.30 to $3.55 per share. The company projects sales to be at the higher end of its earlier guided range of $51 billion to $52.5 billion. Analysts expected profit of $3.46 per share for the year.
Shares of Avis Budget Group Inc (NASDAQ: CAR) gained about 3.5% after the company agreed to buy Avis Europe PLC for around 635 million pounds, or around $1.0 billion in cash. The offer price of 3.15 pounds ($5.73) per share, represents a 60% premium over Avis Europe closing share price on Monday. The deal is scheduled to close in October and is likely to be accretive to Avis Budget's earnings per share on a pro-forma basis.
Shares of Tesco PLC (OTC: TSCDY) gained about 0.10% after the company reported a 1% rise in its first-quarter UK comparable sales including value-added-tax and excluding fuel, versus a 0.2% rise in the previous quarter. Exlcluding VAT and excluding fuel, its sales dropped 0.1%, versus a 0.7% decline in the prior quarter. Group sales, excluding fuel, increased 6.7% and increased 1.6% on a comparable basis. On the international side, Tesco's sales surged 9.3% and 2.8% on a comparable basis, excluding fuel. Tesco reported that group performance is in line with estimates and the forecast for the year remains unchanged.
Shares of Agilysys Inc (NASDAQ: AGYS) surged about 4.8% after the company reported a 5.8% rise in its fiscal fourth-quarter consolidated sales. Agilysys' consolidated sales came in at $143.8 million, up from $135.8 million, in the final quarter of fiscal 2010. Its gross margin dropped to 25.3% of sales, versus 26.4% of sales, in year-ago quarter. AGYS' operating loss, which included the impairment charge and $0.8 million in restructuring charges, came in at $46.9 million. The net loss from continuing operations came in at $45.0 million, or $1.97 per share, versus a net loss from continuing operations of $0.5 million, or $0.02 per share, in the year-ago quarter.
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