Is Pic `N' Save A Bargain Basement Buy?

Proxy fights attract investors to companies like bees to honey. Pic `N' Save, a retailer of discounted "close-out" merchandise, was one of the companies that underwent a proxy battle last summer, and some shareholders made sweet profits when Girard Partners dislodged management. Pic's stock raced up to 20 a share from 11 at the height of the battle. But as the overall stock market hit the skids and investors bailed out, the stock dived to as low as 6. Now, some of the big investors have started buying again, pushing the stock up to 13 from 8 in early January.

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