This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

The Five Dumbest Things on Wall Street This Week

3. Circuit City Slickers

Circuit City (CC) short-circuited again.

Shares of the Richmond, Va., home-electronics retailer tumbled 16% to a 52-week low Thursday after the company posted its latest sales shortfall . Circuit City said it swung to a fiscal second-quarter loss as sales in stores open at least a year fell 7.9% from a year ago. The company also expects to lose money in the third quarter, though it aims to return to profitability in the fourth period.

The lousy numbers highlight the widening gap between Circuit City and rival Best Buy (BBY), which earlier this week rode strong overseas sales gains to a stronger-than-expected second quarter profit. But Circuit City insists it's making progress in a "transformation" that resulted earlier this year in the layoff of 3,400 workers .

"Our domestic segment comparable store sales changes improved each month of the quarter," CEO Philip J. Schoonover said Thursday. He adds that various trends "lead us to believe that the store-level changes are having a positive impact on the customer experience."

It's a shame so few customers are around to enjoy it.

Dumb-o-Meter score: 85. The company hopefully cites "the results from the 65 learning center stores that are used to roll out our transformation changes."

3 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,315.70 -101.15 -0.58%
S&P 500 2,003.21 -18.04 -0.89%
NASDAQ 4,662.8190 -20.5880 -0.44%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs