Citadel catches RadioShack rebound

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By Pete Gallo

Ken Griffin's Citadel Investment Group has long targeted potential turnaround situations, with many of them paying off quite well.

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