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So, can someone explain for me what the heck is going on at Movie Gallery (MOVI)?

Shares of the video store chain - the second-biggest after Blockbuster (BBI) - are up 45 cents today at $3.51, a gain of nearly 15%. The stock today is up for the fifth day in a row, a period in which it has gained 26%; since November 1, the stock is up 61%.

The bulletin boards have some vague postings theorizing that the company will hook up with Netflix (NFLX), but nothing that at all seems reliable.

The last substantial news on the company was that they had received a warning from Nasdaq that they were in danger of being delisted. (The problem: delayed financial filings due to a review of the company’s accounting treatment for end-of-term store lease obligations.)

Anyone have a theory?

(It’s not news, but I did discover in trying to finding out what might be going on that the company is the sponsor of the home field of of the Troy University Trojans: Movie Gallery Veterans Stadium. Any Movie Gallery veterans who have an idea about what’s going on, please pass it along.)

MOVI 10-day chart:

movi

Source: Movie Gallery: What The Heck's Going On?