By Pete Gallo
Ken Griffin's Citadel Investment Group has long targeted
potential turnaround situations, with many of them paying off
One of the most recent - and most notable - has been
embattled technology-and-gadget retailer RadioShack. Citadel's
plunge into the stock was bold, considering that the company's
perennial stumbling seems to stem from low self-esteem as much
as from increasing competition from the likes of Best Buy.
RadioShack hit a low of $12 on July 1, down from $34.85 a
year earlier. Enter Citadel. Filings with the Securities and
Exchange Commission show that the hedge fund group purchased
6.9 million RadioShack shares, making it one of the company's
biggest owners, with a 5.3% stake. (No other hedge funds have
showed up as major shareholders, according to SEC filings.)
Citadel's timing was excellent. RadioShack rose from $12 in
July to about...