Best Buy is Trading 4.25% HIgher in the Pre-Market After Announcement of $5B Share Buyback, 7% Dividend Boost to $0.16

Best Buy

is trading 4.25% higher this morning after the announcement of a $5B buyback and a 7% increase in the dividend from $0.15 to $0.16. The board's authorization of a new $5B share repurchase program terminates and replaces the prior $5.5 billion program, which was announced on June 27, 2007 and had approx. $800M of remaining authorization as of the first fiscal quarter of 2012 ended May 28, 2011. The change in the dividend rate from $0.15 to $0.16 would be payable on October 25, 2011 to shareholders of record as of October 4, 2011.