Cramer on Circuit City (CC): Stock Will Not See $6 Again

On this afternoon's Stop Trading!, Jim Cramer was extremely bearish on Circuit City (NYSE: CC), which has recently been a very popular stock on Wall Street as Blockbuster (NYSE: BBI) made an offer to acquire the company on April 14th.

When Street Signs host Erin Burnett asked Cramer "What is there?", referring to reasons to be in Circuit City's stock, Cramer simply said "There is no there there." Cramer told viewers to sell shares of Circuit City and mentioned that he didn't believe the stock would see $6 again. In fact, Cramer said investors "would be lucky to get out at $5."

Continuing on his rant, Cramer admitted that he thinks Blockbuster "wrecked itself" by putting in its offer for Circuit City, as Blockbuster, according to Jim, has finally started doing things right.

Shares of Circuit City are up $0.48, or about 10%, to $5.27 an hour before the market close. [BCS]

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