BBY DEADLINE? WHAT DEADLINE?
Best Buy's shares whipsawed at week's end as the deadline for a takeover proposal by former Best Buy Chairman Richard Schulze neared its conclusion and then at the last minute was extended until February.
Shares rose 15.9 percent Thursday and promptly surrendered those gains Friday after news of the deadline extension was released.
David Strasser, an analyst with Janney Montgomery Scott LLC, told Bloomberg News on Friday that Schulze "doesn't have to do anything right away; there's probably no other bidder out there." Strasser also told Bloomberg that Schulze "has no incentive to rush into anything."
3M issued 2013 earnings per share guidance last week with a range of $6.70 to $6.95 per share. The midpoint of that range fell below analysts' average estimate of $6.85 per share, but above the $6.60 per share estimate from J.P. Morgan analysts.
J.P. Morgan analyst Stephen Tusa explained his conservative view of 3M's growth prospects this way:
"We see relatively few surprises in the initial 2013 guidance, with a decent headline EPS but with a framework that suggests EPS growth will lag peers' under most reasonable economic scenarios."