Best Buy Rallies Off Q2 Beat

em>Joel Elconin is the co-host of

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Best Buy

shares are trading sharply higher by $4 at $33.27 in Tuesday's session. The catalyst for the rally was a Q2 beat for EPS ($0.40 vs. $0.34) and for revenues ($8.63B vs. $8.29B). The issue, which traded down to $28.32 in Monday's chaotic session before recovering to close at $29.27. Following the release of the favorable report the spiked higher in premarket trading to $33.88. The rally continued off the opening bell as the issue raced to $34.45 before finding resistance. That took the issue to its highest level since it peaked on July 16 at $35.34. Since reaching elevated level it has retreated to $32.95 and has rebound back into the $33 handle. Today's price action is taking place on heavier than average volume. So far, it has traded 9.7M shares compared to to its 20 day average of 3.88M with four hours remaining in the session.