RICHMOND, Va. -- Circuit City Stores Inc. plummeted to historic lows in trading Wednesday after Blockbuster Inc. withdrew its takeover bid, causing investors to question the consumer electronics retailer's future.
Shares of the Richmond, Va.-based company fell 40 cents, or 15.7 percent, to $2.17 in afternoon trading Wednesday, after hitting a more than 17-year-low of $2.10 earlier in the day.
Blockbuster pulled its bid to buy Circuit City on Tuesday night, citing market conditions. The Dallas-based movie-rental chain had proposed a more than $1 billion deal in April with the plans to create a 9,300-store chain to sell electronic gadgets and rent movies and games. Blockbuster shares rose 25 cents, or 10 percent, to $2.76 in afternoon trading.
PSC opens Verizon investigation
CHARLESTON -- West Virginia's Public Service Commission says it's opening an investigation into a growing chorus of complaints about poor phone service from Verizon.
Consumer Advocate Division Director Byron Harris says Verizon's West Virginia service is slipping as the company diverts capital to free installing fiber-optic service in large cities such as Washington, D.C.
As a result, Harris says service complaints have risen from 763 in 2001 to 1,970 last year. Harris says complaints cover everything from static to not showing up when scheduled. Verizon controls approximately 83 percent of the West Virginia market.
Verizon says, by and large, it does a solid job in West Virginia and adds that it will work with Harris' division and the PSC staff to make sure customers get the best service possible.
Dominion Resources selling 2 gas units
RICHMOND, Va. -- Dominion Resources has found a buyer for its West Virginia and Pennsylvania natural gas distribution companies.
Richmond-based Dominion says private investor Babcock & Brown Infrastructure Fund North America has agreed to buy Dominion Peoples and Dominion Hope for $910 million. The deal announced Wednesday is expected to close in 2009.
Dominion Hope has about 115,000 residential and business customers in West Virginia, while Dominion Peoples has approximately 359,000 customers in Pennsylvania.
Edward Jones host broadcast presentation
HUNTINGTON -- John Hall, financial advisor of Edward Jones Investments, will host a free satellite broadcast titled, "The Power of Perseverance, " featuring 1984 Olympic and four-time world ice skating champion Scott Hamilton at 11:30 a.m. and 6:30 p.m. Tuesday, July 8, at 919 8th St.
During the broadcast presentation, participants can see how Hamilton used perseverance as the key to his professional and personal success. Viewers also will hear from Alan Skrainka, Edward Jones' chief market strategist, for a market update.
To reserve a seat or for more information, call Hall or Pam Clark at 304-523-6249. If you are unable to attend, additional viewing opportunities are available.
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