MarketFoolery: 08.06.2012
MarketFoolery
The Motley Fool
4.7 • 1.7K Ratings
🗓️ 6 August 2012
⏱️ 17 minutes
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Summary
Best Buy's founder makes a bid to buy the struggling retailer. eBay eyes same-day delivery. And Applebee's eyes a whole new market.
Transcript
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| 0:00.0 | It's Monday, August 6th. |
| 0:03.8 | Welcome to Market Fuller. |
| 0:05.0 | I'm Cress Hill joining me in studio today for Motley Fool 1, |
| 0:07.7 | Jason Moser, for Motley Full Inside Value, Joe Maker. |
| 0:10.6 | Gentlemen, happy Monday. |
| 0:11.8 | It's a new week. |
| 0:13.0 | It's a brand new week. |
| 0:14.0 | We have got eBay quietly taking aim at Amazon and we have a restaurant chain that is taking |
| 0:20.7 | aim at nightclubs. |
| 0:21.7 | We will get into that in a few moments, but first, here's something I haven't said, possibly ever in my life. Shares of Best Buy open the day up more than 20% on the news that company founder Richard Scholes has offered to buy the |
| 0:36.7 | company outright. |
| 0:38.2 | Joe Meager, I'll start with you. |
| 0:41.5 | What is Richard Scholes see in this company that apparently What does? |
| 0:45.0 | His legacy. |
| 0:48.0 | I think when he looks at Best Buy, he sees a business that he built from the ground up. |
| 0:52.1 | He was the CEO for 26 years. It's his |
| 0:54.6 | baby and he has a lot of pride wrapped up in the business. He probably has confidence |
| 0:59.2 | that he can save it. I don't think he can. No offense to him him and I just think that this is a business |
| 1:04.8 | and secular decline and I think he's probably going into it with a mindset of if we just |
| 1:09.2 | get back to basics of what made us successful originally that will win the day but those |
| 1:14.4 | tactics and what they did before are no longer working in retail and I think he's |
| 1:19.7 | making a pretty big mistake by even going after this and And Jason, I should mention that while the shares opened up more than 20%, they settled |
... |
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