UPDATE: Bank of America Reiterates RadioShack at Underperform Following CEO Departure

Bank of America maintained its Underperform rating and $2 price objective on RadioShack

as CEO James Gooch stepped down. Bank of America said, "RadioShack announced that James Gooch stepped down as CEO and Chairman of the Board, effective immediately. While the Board is in the process of hiring an executive search firm to find a permanent replacement, Dorvin Lively, EVP and CFO, will serve as interim CEO. … While we are hopeful that Gooch's replacement will make positive changes within the company, this change comes during a period of significant industry and company-specific challenges. We believe the CEO search process will be a meaningful distraction from core operations and the implementation of growth initiatives." RadioShack closed at $2.56 on Tuesday.