Earlier today, Bloomberg News cited two unnamed sources who said that doomed electronics retailer RadioShack was in talks with Sprint to sell about half of its 4,300 retail locations to the mobile phone company and close the rest. After sending the company a letter warning that it could be delisted, the New York Stock Exchange has now started the process to kick the company off the exchange. [More]
If you live in a city that doesn’t have a Shake Shack, you probably have a friend (or a Facebook acquaintance) who has remarked on how much better the food is there than at other burger joints. Now comes the news that Shake Shack is going public and planning to continue its growth, meaning you may finally be able to judge for yourself, but that the aforementioned friend will now regularly refer to how he or she used to wait in line for hours when there was only one Shack blah blah blah. [More]
Like most of you, we’ve never seen — nor have any intention of ever seeing — this Innocence of Muslims movie. (Gawker claims to have the full-length script, if you’re more interested than we are.) Regardless, the short film that apparently mocks Islam is upsetting people around the world, some of whom claim to have launched denial of service attacks against Bank of America and the New York Stock Exchange. [More]
Might there be more to last week’s crash than a “fat fingered” trade, or someone mistakenly entering a “billion” instead of a “million?” An online stock trader has a video showing an unusual spike in trading volume, followed by a very quick sell-off, by funds at large investment firms BlackRock and Vanguard and some other funds 30 to 15 minutes before the big crash. Prescience? Watch the video, check the logs, and decide for yourself. [More]
Treasury Secretary Tim Geithner will meet with federal regulators and top officials from the NYSE and other exchanges to dicuss whatever the hell happened last Thursday that caused the stock market to completely freak out. [More]
The AP says that a computerized selloff that may have been caused by a typo (the theory is that someone typed $16 billion when they meant $16 million) caused the biggest ever drop during a trading day. How could one typo result in such massive turmoil? The idea is that the erroneous trade triggered other computers to sell. [More]
Blockbuster has announced that they are in danger of being de-listed from the NYSE because they do not meet the minimum market capitalization requirements. Market capitalization is a measurement of the size of a business equal to the share price times the number of shares outstanding of a public company. The NYSE requires businesses to have a market capitalization of at least $75 million over a 30-day trading period. [More]
We are living in difficult times for selling wicker furniture, it seems. Pier 1 lost $36.9 million in the third quarter — and is in danger of being delisted from the NYSE.
More bad news for Circuit City. Its stock is trading so low that it is in danger of being delisted from the New York Stock Exchange.