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Macke's Movers: Circuit City a Mess For Icahn


Retailer not an attractive choice for investors.


Greetings from New York, where it's Friday and that's more than alright with me. Jumbo-Bank company meetings bore me, rain annoys me and the fact of it being 50-degrees and drizzling is reminding me, again, that making Daisy Dukes out of all my dress pants last month wasn't a great idea. Here's what I'm watching as I stitch together a pair of surly pants to wear for my trip to the City:

  • Rupert Murdoch Presents The Wall Street Journal is reporting Circuit City (CC) has opened its books to Carl Icahn. While I can't say that I understand what Carl might want to do with Circuit City, a review of the failing retailers' financials will, at the very least, spare Mr. Icahn a visit to Blockbuster (BBI) to rent Titanic. Am I playing along with Carl by buying CC stock? Let's say this: If Circuit City was a scrappy, young artistic stowaway and Carl was an overripe, well-heeled lass floating on a door with her whole life ahead of her, one review of CC's books would be enough to get Carl to pry his hand loose and let CC sink into the depths of the North Atlantic.

  • By which I mean: "No. No, I'm not going to buy Circuit City but I'll probably enjoy watching Carl try to fix it more than I might admit."

  • I'm probably not allowed to say so, and it could just be my bad mood talking, but that kid flipping the sign in the CNBC Million Dollar Challenge ads is starting to get on my nerves a little bit. Given that the contest hasn't even started yet I've got a hunch the feeling is going to get worse.

  • Activision (ATVI) beat estimates like a rented mule last night, as it's wont to do. I still own the stock but not as much as I once did and not nearly as much as a probably should. Games are about console cycles and library depth. Activision has both working in spades. The only thing giving me pause, and the reason I sold more than half my position, is that the lack of clarity I have surrounding ATVI's deal with Vivendi.

  • The USO oil ETF broke over par this week. Is it ahead of itself? Obviously. Are the supply constraints, currency effects, trading influence etc. ad nausea causing oil to spike unnaturally? Maybe, but I don't care. Print a USO 1-year chart. Grab a crayon and a ruler. Draw a line at the USO's uptrend. Buy when the price meets the uptrend. Sell when the price prints below your crayon. Lather, rinse, repeat.

  • Have a good weekend, Rose, and don't go saying your goodbyes. Never... (overwrought gasp) Never let go... You must do me that honor.
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Position in ATVI.

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