Claire's Could Sparkle Again

Money manager Scott Black is a dedicated value player who would not think of buying junk. But he's accumulating shares of what he calls a "junk jeweler": Claire's Store (CLE), the leading retailer of low-priced accessories, mainly for teenage girls. "This company is no junk, though," insists the president of Delphi Management in Boston, which manages more than $900 million. Claire's earnings have jumped at least 15% in each of the past five years.

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