Best Buy, Volatility Vanishes, Gas Up
Another trading week starts and stocks are up. Making waves are Best Buy (BBY), gas prices increasing, and the "Volatility ETF" the VXX keeps falling.
HOLY MARY PASS BY BEST BUY
Best Buy (BBY) worth $26 a share, great real. Co-founder Richard Schulze wants to take Best Buy private only months after leaving as the company's chairman. BBY shares are now cooling down to $19.50 range for a gain of 11% on the news. Best Buy got as high as $21 a share today but its a pipe dream considering its a dying brick and mortar business. Since March BBY shares have lost 30%.
The iPath S&P 500 VIX Short Term Futures TM ETN (VXX) fell to a new 52-week low today of $11.82. That's an impressive decline of 45% since the start of June. Volatility is at a new low for 2012, either its a wonderful thing or the calm before the storm. Place your bests accordingly.
GAS PRICES HIGHER
Nation wide gasoline prices are on the way up and at around $3.62 a gallon the pump. Gas prices are up almost 13 cents on average from last week for Americans. The LA Times reports today Illinois residents are paying an average of $4.06 a gallon. Michigan and Indiana are not far behind at averages of $3.994 and $3.919 a gallon, respectively.
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