TheStreet, Inc. Shares Rise On 13D Filing
Shares of TheStreet, Inc. (NASDAQ: TST) trended higher Wednesday afternoon following a 13D filing related to the company.
J. Carlo Cannell of Cannell Capital LLC filed the 13D for two reasons:
1) To call on company directors to start the process to auction the company
2) For Jim Cramer to resign from CNBC and allocate his energy and talents to grow the company back to its one time market capitalization of roughly $1.7 billion.
From the filing: "What we shall call Option Two would require you to muster more courage and honor. According to Nielsen Media Research, Mad Money's ratings recently fell to an all-time low in the 25-54 age group.(5) By comparison, Action Alerts PLUS ("PLUS"), your lead product with TST, is now growing. Resign from CNBC and align your considerable energy and talents to helping your fellow shareholders crawl back from Hades."
Cannell Capital LLC currently owns 3,081,118 shares of TheStreet, representing an 8.95 percent stake in the company.
Shares of TheStreet recently traded at $2.41, up 7.11 percent.
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