BlockBuster moved above the 100 dma a on volume spike today. Could be forming a cup if it continues up.

http://stockcharts.com/h-sc/ui?s=BBI...d=p80150209945

Blockbuster, Inc., together with its subsidiaries, operates and franchises entertainment-related stores in the United States and internationally. It offers prerecorded videos, as well as video games for in-store rental, sale and trade, and also sells other entertainment-related merchandise. The company operates in the home video and home video game industries, which include in-home movie, such as theatrical movie, television series, and direct-to-video product; and game entertainment offered by retail outlets, online retailers, cable and satellite providers, and via digital distribution over the Internet. Blockbuster also operates an online service offering rental of movies delivered by mail. As of December 31, 2006, it operated 5,194 stores, including 939 franchised stores under the BLOCKBUSTER and RHINO VIDEO GAMES brands in the United States and its territories; and 3,166 stores, including 870 franchised stores under the BLOCKBUSTER brand and other brand names owned by the company located in 22 markets outside of the United States. The company was founded in 1982 and is headquartered in Dallas, Texas.

Still making it's way up. So far looks like it's making a nice looking cup. Riding above the 5 ma. Might see a litle pullback here & there. Hope to break the 200 ma by the end of week.

Still chuggin' along Nice volume today hit $5.51 for high. Looking for that target of around $6.50 next few weeks for a second top to the cup if it keeps going.

I'm thinking it's going to go back down soon....purely from a TA standpoint. It'll climb a bit more then run of of gas, that's my guess.

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Blockbuster Bids for Circuit City
Monday April 14, 6:57 am ET
Blockbuster Takes $1 Billion-Plus Cash Takeover Bid Directly to Circuit City Shareholders


DALLAS (AP) -- Blockbuster Inc. said Monday it will take an unsolicited $1 billion-plus bid for Circuit City Stores Inc. directly to its shareholders, saying the consumer electronics chain has not responded to repeated offers.

The movie rental chain operator said it has been in talks with Richmond, Va.-based Circuit City for months regarding an acquisition, and on Feb. 17th sent a letter to Circuit City Chairman and Chief Executive Philip Schoonover offering $6 to $8 per share in cash for the company.

Based on Circuit City's 168.4 million shares outstanding at Dec. 31, 2007, the deal values Circuit City at $1.01 billion to $1.35 billion. The offer also represents a 25 percent to 67 percent premium to Circuit City's closing stock price of $4.79 on Feb. 15th, the last trading day before Blockbuster made its offer, and at least a 54 percent premium to the stock's closing stock price Friday of $3.90.

Blockbuster also said in its February letter it is willing to pursue alternative deal structures which would enable Circuit City shareholders to receive stock. The company would expect to fund the takeover with borrowings and issuance of additional stock through a rights offering to existing shareholders.

Blockbuster says that it requested a response by Feb. 21, but, to date, Circuit City has failed to provide due diligence necessary to allow Blockbuster to make a definitive takeover proposal. Blockbuster is asking for such information as Circuit City's long-term corporate strategic plan and outlook, detailed store-level performance data and current inventory aging schedules, among other items.

"Our proposal offers Circuit City a significant premium to its existing stock price and creates a game-changing retail concept with a sustainable competitive advantage," Blockbuster Chairman and Chief Executive Jim Keyes said in a statement. "We look forward to engaging in further conversations with Circuit City and reaching an agreement as soon as possible."

Circuit City shares have declined steadily from a year-ago high of $19.12 to reach a low of $3.44 last month. The struggling electronics retailer, the nation's second-largest, did swing a profit for its fiscal fourth quarter, due to cost-cutting efforts, its first since the second quarter of 2007.

Circuit City is facing pressure from activist shareholder Wattles Capital Management who seeks improved profitability, and the ousting of Schoonover and the board.

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WOW!!! Where was I at today??? Monster drop of 77.08%. Fell from .96 to close @ .22. I may roll the dice and try to get in if below .30 is possible

After hours jumped to .35

Here is the news responsible for the fall. They say in another article that they won't file for bk but remember that Pilgrams Pride said the same thing and they now trade on pink sheets.

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Blockbuster hires law firm to handle refinancing
Blockbuster brings in law firm to engineer refinancing as recession squeezes video store chain

Michael Liedtke, AP Business Writer
Tuesday March 3, 2009, 7:33 pm EST


Yahoo! Buzz Print SAN FRANCISCO (AP) -- In the latest sign of retail trouble, Blockbuster Inc. said Tuesday it has brought in an outside law firm to rescue the long-slumping video store chain from a financial bind.

The hiring of corporate restructuring specialists Kirkland & Ellis spurred speculation that Blockbuster is on the verge of becoming the latest merchant to be waylaid by the worst recession since the early 1980s.

But Blockbuster spokesman Karen Raskopf said the Dallas-based company has no plans to seek bankruptcy protection, refuting media reports that quoted unnamed people saying Kirkland & Ellis was exploring a possible bankruptcy filing.

The rebuttal reversed a steep decline in Blockbuster shares. The shares recovered 13 cents to 35 cents in Tuesday's extended electronic trading, after plunging 74 cents to finish the regular session at 22 cents.

Blockbuster is hoping Kirkland & Ellis can re-negotiate the terms of its outstanding loans and arrange adequate financing to keep the 7,500-store chain afloat during an economic downturn that is now widely expected to last through the rest of this year.

The company has been leaning heavily on a $400 million revolving line of credit scheduled to expire in August.

As of Oct. 5, Blockbuster had just $35 million available on the credit line. Raskopf declined to update that figure Tuesday, saying the company will detail its financial situation March 19 when it releases its fourth-quarter results.

The credit crunch is just the last challenge to confront Blockbuster, which has sustained more than $4 billion in losses since 2001 as it struggled to adapt to alternative movie rental options that deliver entertainment through the mail, cable and satellite TV services, and high-speed Internet connections.

Besides diminishing the need to travel to Blockbuster's stores, the new rivals also have eroded the revenue that the company used to collect for charging for late returns of rented movies.

Netflix Inc., which pioneered the concept of renting DVDs through the mail, has been one of Blockbuster's biggest headaches. In sharp contrast to Blockbuster's scramble for survival, Netflix is becoming even more popular as more cash-strapped households look for cheaper forms of entertainment.

Netflix has signed up more than 1.3 million new customers in the past five months, catapulting its service beyond 10 million subscribers. The Los Gatos-based company charges $9 to $17 per month for its most popular rental plans.

The growth helped Netflix earn $83 million on revenue of $1.36 billion last year. Excluding the payment of preferred dividends, Blockbuster lost $14 million on revenue of $3.9 billion during the first nine months of last year.

Blockbuster CEO James Keyes, who formerly ran 7-Eleven convenience stores, has been trying to engineer a turnaround by transforming the video rental stories into entertainment hubs that sell a variety of merchandise.

I didn't realize blockbuster has been a bear for years.. sounds like a good idea getting that firm to rethink the $

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Thanks for bringing this back up Aufan, Im gonna keep my eye on this one. BBI says it has enough money to stay afloat for 09, so hopefully they wont file Bk and keep there word on that. Could be a nice flip

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up 118% but dropping back some. I didn't get in but might if it pulls back enough

Closed yesterday @ .47 up over 100% and looks like it will move big once again today. Premarket currently .60 x .63

I never bought in due to online restriction by scottrade. Did anyone buy in the last two days?