HBK Unloads Circuit City Stock
HBK Investments , a major investor in Circuit City Stores , has sold 754,000 shares, sending the stock price down to $1.5 per share, although the price rebounded to $1.8 per share at the end of closing.
Recent news has been discouraging for the prospects of a turnaround. Investors fear that Wall Street's highly publicized woes could dampen consumer confidence and retail spending. And just a few days ago, rival Best Buy, Inc ., reported that a 19 percent decline in its 2nd quarter profit – although it attributed the dip to an expensive roll out of its Best Buy Mobile concept to its 1,000 stores.
HBK's sell-off reduces its ownership stake in the money-losing consumer electronics retailer from 9.15 percent to 8.7 percent, notes the blog Bloggingstocks. More .
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