Shares of Circuit City inititally jumped Monday after a report that the struggling retail chain will close 150 stores and lay off thousands of workers. But by day's end, the price had dropped below the previous day's close.
The report, which appeared in the Wall Street Journal, sent the company's stock as high as 48 cents per share, before it leveled off to 35 cents, which was actually below the previous day's closing price of 38 cents.
The Journal report characterized the closures as an attempt to stave off a bankruptcy filing prior to the holidays.
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