Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Big Lots
So what: No mystery here, folks. The retailer had hired Goldman Sachs to help it negotiate a going-private sale to private equity, but apparently, Goldman asked for too much money and scared off the buyers. This morning, Big Lots announced it's shutting down the auction, and has decided to go it alone.
Now what: That may not be such a bad thing. After today's drop, Big Lots shares only cost 12 times earnings -- about the going rate for slower-growing Target
Got at least a little interest in Big Lots? Add it to your Watchlist.
Fool contributor Rich Smith does not own shares of any company named above, but The Motley Fool owns shares of Wal-Mart, Motley Fool newsletter services have recommended Wal-Mart, and Motley Fool newsletter services have recommended creating a diagonal call position in Wal-Mart. The Motley Fool has a disclosure policy.
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