Circuit City (CC) has been a dog of a stock for months. But, this morning the shares jumped to over $7 after running up Friday from a low of $5.57. But, the stock shifted into reverse and is down over 7% to under $6.
Maybe the confusion about how well retail is doing got to the stock. Early today, a number of news outlets reported that holiday sales had been good. But, gloom returned later in the day when other reports said that retail sales had not been so strong.
Or, perhaps, the Sears (SHLD) bid for Restoration Hardware (RSTO) gave Circuit City shareholders momentary hope that someone would pay a premium for their company.
Not likely
Douglas A. McIntyre
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