Tags: RadioShack | Shares | Litespeed | Report

RadioShack Shares Jump on Litespeed Report

Wednesday, 22 Jan 2014 06:00 PM

Shares of RadioShack Corp., the electronics chain that’s posted seven straight quarterly losses, rose the most in almost a year after a report highlighted hedge-fund Litespeed Management LLC’s investment in the company.

RadioShack rose 18 percent Wednesday to $2.54 at the close in New York, the most since Jan. 28, 2013. Litespeed, based in New York, disclosed an 8.1 percent passive stake in RadioShack in a Jan. 17 filing.

RadioShack’s shares gained after The Motley Fool, an investment research company, Tuesday wrote about Litespeed’s investment. Jamie Zimmerman, Litespeed’s founder, is known for her “incredible market-beating performance in the early 2000s,” the report said.

“I think that the article about the stake on Friday was probably the driving force” behind today’s stock move, Oliver Wintermantel, an analyst at International Strategy & Investment Group in New York, said Wednesday in a telephone interview. “People are saying, ‘What is my downside at $2?’” ISI has a neutral rating on the stock, the equivalent of a hold.

Earlier this month, Fort Worth, Texas-based RadioShack named John Feray, a former Dollar General Corp. executive, as chief financial officer. Feray is part of a team brought in under a turnaround effort led by Chief Executive Officer Joe Magnacca. Magnacca, who took over last year, plans to introduce new-format stores and reduce the number of stocked items.

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Shares of RadioShack Corp., the electronics chain that's posted seven straight quarterly losses, rose the most in almost a year after a report highlighted hedge-fund Litespeed Management LLC's investment in the company.
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2014-00-22
Wednesday, 22 Jan 2014 06:00 PM
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