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The last time I went to RadioShack (RSH), I remember seeing the RadioShack TRS-80 Model II with Integral 8-inch Floppy Drive: Ah the good old days. Earlier this month, Banc of America Securities boosted its rating to buy from neutral, saying the electronics retailer's investment story "is about a new management team that is improving the stores, adding new products and having a highly leverageable cost structure." RadioShack’s first-quarter profit dropped to $38.8 million, or 30 cents a share, from $42.5 million, or 31 cents, earned in the same period a year earlier. Talk about a downtrend in the last year: I’m having a tough time believing BofA Securities on this one. When Americans start receiving their economic stimulus tax refund checks, do you really think they are going to go to RadioShack, or are ...

RadioShack’s (RSH) first-quarter net income fell 8.7%, hurt by increased promotions and lower sales of Sprint Nextel (S - Annual Report) wireless services. Shares are down more than 13% today on the news, wiping out the gains driven by last week’s rumor of an acquisition by Dell (DELL).

Part of my thesis for RadioShack is that declines are already priced in. I’ve said I’d accept a return in line with that of RadioShack debt – which reflects the company’s relative risk and allows for a modest premium based on the more favorable tax treatment of equity returns. At the time, RadioShack’s May 2011 note was yielding about 7%. To generate equity returns higher than this, RadioShack will have to limit its free cash flow declines

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Somehow I missed this early in the week. Hat tip to Todd Sullivan’s - ValuePlays:

Apparently on Monday there was heavy call buying in RadioShack (RSH) - ironically a day I was writing puts on the name. Rumor is that Dell (DELL) is kicking the tires. It would be an easy way to get into retail in a bigger way.

Here’s a video discussing the rumor.

Anyhoo - my original thesis was that RadioShack’s valuation is cheap, at ten or eleven times earnings. My preferred measure, the free cash flow yield, is a downright juicy 14.3%. With that kind of …

In a previous post I commented that “when you think “cheap”, you think Walmart (WMT), when you think “value”, you think Target (TGT)” Walmart seems to be taking an interesting and to date, very effective path to altering that image, electronics.

Here is another one that just has me shaking my head. Citigroup analyst Bill Sims downgraded Radioshack (RSH) to “Sell” from “Hold” and said RadioShack’s wireless business remains pressured