Hot Topic, Inc. (NASDAQ:HOTT)
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The Company is a small mall-based specialty retailer operating the Hot Topic and Torrid store concepts.
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The Company is a small mall-based specialty retailer operating the Hot Topic and Torrid store concepts.
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Courtesy of Markeyfolly:"Clint Carlson's hedge fund firm Carlson Capital just filed a 13D with the SEC regarding shares of Hot Topic (HOTT). Due to portfolio activity on August 23rd, 2010, Carlson has disclosed a 3.96% ownership stake in HOTT with 1,764,800 shares. This is a brand new position as they did not show ownership back on June 30th in their last portfolio disclosure. This stake cost them $8,858,729 as the hedge fund purchased shares in the $4.80 to $5.45 range. Their filing becomes interesting when you read in the fine print that Carlson has entered into a "group" agreement with Becker Drapkin Management for the purpose of this investment. Collectively between both parties, they own 9.042% of Hot Topic, or 4,030,749 shares. Both Carlson and Becker Drapkin operate in Dallas, Texas.Carlson has filed a 13D signifying activist intent in their investment. The filing states that the hedge fund believes the company is undervalued and plans to engage with HOTT regarding "the assets, business, strategy, capitalization, financial condition and/or operations."