Update (4:00 p.m.): Updated with market closing price information.
NEW YORK (TheStreet) -- RadioShack (RSH) shares continued to surge Thursday amid news that Standard General LP, the electronics retailer's major shareholder, could rescue the company with a financing deal to help it fight off bankruptcy.
RadioShack lost $98.3 million in the three months ending May 3, and store sales dropped 14% from the same period one year earlier.
The hedge fund previously helped American Apparel (APP) with $25 million after the clothing retailer ousted CEO and founder Dov Charney.
The stock closed up 32.11% to $1.44. More than 50 million shares changed hands, compared to the average volume of 3,480,580.
Separately, TheStreet Ratings team rates RADIOSHACK CORP as a "sell" with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate RADIOSHACK CORP (RSH) a SELL. This is driven by a number of negative factors, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, weak operating cash flow and generally disappointing historical performance in the stock itself."
Highlights from the analysis by TheStreet Ratings Team goes as follows: