RadioShack Spikes on Double Upgrade

RadioShack receives two upgrades as it beefs up its mobile offerings. The market responds by sending its shares up by more than 9%.
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RadioShack (RSH) received a double whammy upgrade, sending shares of the electronics retailer soaring toward a double-digit increase in morning trading.

The company was upgraded to outperform by both FBR Capital Markets and RBC Capital Markets on Friday, as it works to improve its wireless business.

On Thursday, RadioShack struck a deal with T-Mobile to offer its wireless services and products in its stores. The company already carries

Sprint

(S) - Get Report

and

AT&T

(T) - Get Report

services. The only major service it is now lacking is

Verizon

(VZ) - Get Report

.

Rival

Best Buy

(BBY) - Get Report

has also been working to ramp up its mobile offerings. One of the main goals of

new CEO Brian Dunn

is to grow the company's cell-phone division, called Best Buy Mobile.

Shares of RadioShack had jumped by 9.5% to $15.95 in late-morning trading.

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