Best Buy Hits New All-Time High

Best Buy Co Inc BBY shares are trading higher by $9.00 (17 percent) at $59.42 in Thursday's session.

The catalyst for the rally is a Q1 beat of 17 cents along with a sales beat of $240 million. The company also forecast higher sales in Q2.

After a much higher, Best Buy had a brief $1.15 drop to $56.30 before continuing its move higher. The stock has now surpassed its former all-time high that was made in April 2006 at $58.99, as $59.59 stands at the high for the session as of 10:51 a.m. EST.