Circuit City gains as retail shares close flat: related news

Retail Stocks: Circuit City gains as retail shares close flat

NEW YORK (MarketWatch) -- Retail shares closed slightly lower Friday as oil prices closed at an all-time high.

Circuit City Stores (CC) NewsBite - Circuit City Tumbles after BBI Drops Bid

Circuit City Stores Inc. (CC) opened at 2.22. So far today, the stock has hit a low of 2.10 and a high of 2.27. CC is now trading at 2.18, down 0.37 (-16.67%). The stock hit its 52 week high of 15.33 in July and set its 52 week low of 2.10 today. CC has been moving downwards for the past year. Circuit City Stores shares have been taking a hit after Blockbuster Inc. (BBI) withdrew its bid for the company, citing "market conditions." In April, Blockbuster had offered to buy Circuit City for at least $6 a share, or more than $1 billion. Technical indicators for the stock are bearish and steady while S&P gives CC a neutral 3 STARS (out of 5) hold rating. We will just watch this one for now. There are no trades that we like for CC. [RHF - Seven Summits Strategic Investments NewsBite]

Circuit City Honors 'Best in Class' Vendors

RICHMOND, Va., May 21 /PRNewswire-FirstCall/ -- Circuit City Stores, Inc. today honored vendors who put customers first while demonstrating "best in class" performance with the sixth annual Circuit City Vendor Recognition Awards. The awards are split into two categories: merchandising vendor excellence and supply chain vendor excellence. The 13 vendors chosen for the 2007 Merchandising Vendor Excellence Award have shown a commitment to Circuit City and its customers by focusing on the growth of the business relationship, supply chain performance, product profitability and year-over-year impact on Circuit City's revenue. The 27 vendors honored with the 2007 Supply Chain Excellence Award have maintained consistent delivery performance in a flexible consumer environment, allowing for a reduction in cost of the supply chain while ensuring pro

US: Blockbuster Drops Bid For Circuit City

Blockbuster Inc has dropped its $1.35bn bid for Circuit City Stores, saying the move was prompted by a closer look at the electronic retailer’s books. Blockbuster Chairman and CEO Jim Keyes noted, “Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City”. The news sent shares of Circuit City plummeting 14% in trading after the close of US markets.

Circuit City gains as retail shares close flat

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Circuit City Opens Its Books to Blockbuster

Circuit City, the electronics retail chain, has effectively put itself up for sale. Circuit City announced today that it has hired Goldman Sachs & Co to help explore strategic alternatives, and would allow the video rental company Blockbuster to examine its books in its unsolicited takeover bid to acquire Circuit City.

Circuit City Stores shares rise as government reports strong May retail sales

NEW YORK (AP) - Shares of Circuit City Stores Inc. ticked higher on Thursday, amid a positive retail sales report and as one analyst said consumer electronics sales are improving.

Circuit City Schedules June 19 Earnings Call

June 11, 2008 (FinancialWire) Circuit City Stores, Inc. (NYSE: CC) (Current Market Cap: US$ 708.93 Mil.) plans to report its results for the quarter ended May 31 on June 19. The company plans to host a conference call at 10: 00 a.m. ET that day. The call will be available via dial-in or webcast from the company s site. A replay will be available through June 26. A replay will also be available on the Circuit City investor information home page. Richmond, Virginia-based Circuit City Stores is a specialty retailer of consumer electronics and related services. At May 31, the firm s domestic segment operated through 687 Superstores and nine outlet stores in 158 U.S. media markets. At May 31, the company s international segment operated through 775 retail stores and dealer outlets in Canada.

Blockbuster abandons Circuit City deal

Blockbuster on Tuesday abandoned its offer to buy electronics retailer Circuit City Stores, after weeks of investor speculation that the deal was falling apart, reports Reuters. Shares of the video rental chain jumped more than 7% in extended trade after the news. Circuit City’s shares fell 1.6%, after declining nearly 12% at Tuesday’s close. Blockbuster’s chief executive Jim Keyes cited “market conditions� as a reason for withdrawing its offer, valued at up to $1.3bn, and said the deal was not in the best interests of its shareholders.

Circuit City and WCM reach agreement

Circuit City Stores, a specialty retailer of consumer electronics and related services, and Wattles Capital Management have reached an agreement under which the former's board of directors will select three of the latter's director nominees and include them as nominees of the board at Circuit City's 2008 annual meeting. In addition, one of the Wattles Capital Management nominees will become a member of the executive committee of the Circuit City board.

Is Circuit City Headed for a Blowout?

Will Circuit City (CC) join the long list of electronics retailers, like Tweeter Home Entertainment and Harvey Electronics, that have filed for Chapter 11 bankruptcy protection in the past year? Given that shares of the Richmond [Va.] company are trading at just over 2, Wall Street is betting that could be a possibility. "Circuit City is in very serious trouble, and any scenario is possible today," says Nick McCoy, senior consultant at TNS Retail Forward, a research firm.

Circuit City CEO Received $2.1M In 08

May 30, 2008 (FinancialWire) The chief executive of Circuit City Stores (NYSE: CC) (Current Market Cap: US$795.02 Mil.) received compensation in fiscal 2008 valued by the company at about $2.1 million. Other companies in CC's sector include Best Buy Co. Inc. (NYSE: BBY), Dell Inc. (NASDAQ: DELL), and Wal-Mart Stores Inc. (NYSE: WMT). Philip J. Schoonover received far less than the $17.1 million from 2007, mostly because he was granted stock and options worth $16 million from his promotion to CEO in March 2006 In 2008 Schoonover received about $900,000 plus $994,000 in stock and options and $178,105 in other compensation. In fiscal 2008, Circuit City reported a loss of $319.9 million, or $1.95 per share. Circuit City was enrolled in Investrend Research affiliate ValuEngine's professional analyst program.

Circuit City Stores shares rise

Shares of Circuit City Stores Inc. ticked higher on Thursday, amid a positive retail sales report and as one analyst said consumer electronics sales are improving.

Icahn Ready to Buy Circuit City

NEW YORK -- Consumer electronics retailer Circuit City Stores said Friday that it will allow Blockbuster to review its books in connection with the video-rental chain's bid to buy the company. Circuit City also revealed that it received a letter from Blockbuster indicating that the company's largest shareholder, investor Carl Icahn, is prepared to buy Circuit City on his own if Blockbuster can't get financing or can't get shareholder approval.

Line forms for Circuit City check-out

Looks like the failure to find a reliable power supply has finally fried Circuit City. The board of the battered big-box electronics retailer, under siege from both inside and out, decided to stop struggling and let Goldman Sachs help sort out its strategic options, which at the moment seem to total just one — a buyout offer from Blockbuster (see “Blockbuster has seen the future, and it’s … Circuit City?“). After being reassured that Blockbuster’s biggest stockholder, activist Carl Icahn, was backstopping the bid, Circuit City’s board gave the suitors the OK to take a closer look at its books, bravely maintaining that it “has confidence in the company’s ability to successfully implement its turnaround plan and generate shareholder value,� but feeling obligated to look at alternatives.

Blockbuster Looks At Circuit City's Books; Ditches Acquisition Offer

We were one of a very small number of people who actually saw some logic behind Blockbuster bidding for Circuit City -- though, it seemed unlikely that Blockbuster viewed the purchase in the same way we did. Most people assumed (probably correctly) that Blockbuster didn't really have much of a plan at all, other than to merge the two struggling companies and have an even bigger mess on their hands. Blockbuster has now withdrawn the offer to buy Circuit City, gamely claiming that it has to do with "market conditions" and a better understanding of just how awful Circuit City's books appear to be. That's press release talk. What's more likely is that Blockbuster realized that everyone was right: it would screw up the merger and make a bad situation worse.

Blockbuster Withdraws Proposal to Acquire Circuit City

announced today that it has decided to withdraw its proposal to acquire Circuit City. "Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City," said Jim Keyes, Blockbuster Chairman and CEO. "We continue to believe in the strategic merits of a consumer retail proposition that would bring media content and electronic devices together under one brand. We will pursue this strategy through our Blockbuster stores as a way to diversify the business and better serve the entertainment retail segment." About Blockbuster Blockbuster Inc.

Blockbuster backs out of Circuit City offer

Video retailer Blockbuster tonight said it has withdrawn its offer to buy Circuit City. The company provides few details as to the reason for its sudden exit but says that a combination of "market conditions" and the process of due diligence, or examining the health of Circuit City as a business, have led it to believe that a takeover of the electronics chain is not in its best interests. Blockbuster still argues that the idea of unifying media and electronics under one name but that it will have to do so through its own stores rather than Circuit City's locations.

Blockbuster withdraws bid for Circuit City

bb pulls out of cc purchase Surprise surprise.. Blockbuster Inc. announced that they were abandoning their bid to acquire Circuit City citing that a deal was “not in the movie rental company’s best interest amid current market conditions.� Umm.. wait a second.. even if the market conditions were better, did this deal ever really make much sense? Apparently Soleil Securities analyst Scott Tilghman thought the same - “We didn’t believe that such a debt-laden marriage made sense and questioned the potential synergies that Blockbuster believed might have existed.� Circuit City shares fell 15 percent to $2.17 a share after the news broke while Blockbuster shares rose 13.9 percent to $2.86 a share.

Klipsch and Energy Audio Products To Arrive in Stores and Online at Circuit City

RICHMOND, Va., June 18 /PRNewswire-FirstCall/ -- Klipsch Group, Inc. and Circuit City Stores, Inc., today announce that Circuit City will be introducing a superior selection of home audio equipment, including products offered under the Klipsch and Energy brands in all of Circuit City's nearly 700 stores nationwide and online at

Blockbuster Withdraws Proposal to Acquire Circuit City

Dallas-based Blockbuster Inc. announced Tuesday the withdrawal of its proposal to acquire Richmond, Va.-based Circuit City Stores Inc. Jim Keyes, Bockbuster chairman and CEO, said the company decided not to proceed with the acquisition "based on market conditions and the completion of our initial due process." He also said the proposition was not in the best interest of Blockbuster's shareholders. In response to the withdrawal, Philip Schnoonover, chairman, president and CEO of Circuit City, has said that "The board's review was not dependent on Blockbuster's participation." Circuit City is still exploring strategic alternatives, but will not disclose more information until the board approves a course of action.

Circuit City Stores shares rise

NEW YORK (AP) -- Shares of Circuit City Stores Inc. ticked higher on Thursday, amid a positive retail sales report and as one analyst said consumer electronics sales are improving.

Circuit City Stores Gains 7.54% On 2X Volume

June 23, 2008 (FinancialWire) Circuit City Stores (NYSE: CC) (Current Market Cap: US$722.43 Mil.) gained 7.54% Friday on volume of 17,636,118, which was more than twice its three-month average 7,351,220, to end the day at $4.28. Other companies in CC's sector include Best Buy Co. Inc. (NYSE: BBY), Dell Inc. (NASDAQ: DELL), and Wal-Mart Stores Inc. (NYSE: WMT). Circuit City was enrolled in Investrend Research affiliate ValuEngine's professional analyst program. Complete information is available at the company's InvestorPower page, which is accessible from http://www.investrend.com/company/list.asp?sPathParam=yes . FinancialWire is a fully independent, proprietary news wire service of Investrend Information (a division of Investrend Communications, Inc.

Circuit City pummelled after Blockbuster's retreat

Circuit City Stores Inc. plummeted to historic lows yesterday after Blockbuster Inc. withdrew its takeover bid, causing investors to question the consumer electronics retailer's future. Shares of the Richmond, Va.-based company fell 40 cents, or 15.7 per cent, to $2.17 (U.S.) in trading on the New York Stock Exchange yesterday, after earlier hitting a more than 17-year-low of $2.10. The company, which has lost 86 per cent of its stock value from its 52-week high of $15.33, says it will continue to review strategic alternatives. Blockbuster pulled its bid to buy Circuit City on Tuesday night, citing market conditions. The Dallas-based movie-rental chain had proposed a more than $1-billion deal in April to create a 9,300-store chain to sell electronics and rent movies and games.

Circuit City Shareholder Launches Proxy Fight; Slams Blockbuster Rejection

Circuit City has another mess to deal with. In addition to fending off Blockbuster (NYSE: BBI), it now has a proxy fight on its hand. Wattles Capital Management, a 6.5 percent holder of the company’s shares, has submitted a slate of five candidates to the company’s board. In its statement, the firm derides the company’s operating performance, adding: “we are deeply concerned by the Board’s track record of rejecting what has appeared to be legitimate third-party interest in acquiring the Company for a premium, including the recent offer of Blockbuster Inc. to acquire the Company for between $6.00 and $8.00 per share in cash.� While Circuit City has questioned where the financing will come from, Wattles says this is hogwash, given that Carl Icahn has apparently agreed to finance the deal.

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