Despite accelerating weakness in NASCAR attendance and ratings, ISCA shares have held up.
The catalyst of late has been a non-binding acquisition offer of $42 per share from NASCAR itself.
ISCA trades at a premium to the offer, which seems to suggest investors are expecting a higher bid.
That's certainly possible - but if a deal doesn't get done, ISCA has good ways to fall.
International Speedway (ISCA) truly has been confounding. My bear case for years now has been reasonably simple: declines in NASCAR fan interest would lead to lower attendance, offsetting annual increases in ISC's share