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October 11, 2008
Forest City's tanking stock price; an impact on AY?
Atlantic Yards Report
Most people who have money in the stock market are taking a hit, so it's no surprise that Forest City Enterprises (FCE), parent company of Atlantic Yards developer Forest City Ratner, is also suffering big-time.Still, its decline is pretty dramatic: it closed yesterday at $19.79, near the low point of its 52-week range: $18.84 - $60.36. (Five-year chart at right, from October 2003, two months before the project was announced.)
AY impact?
What does that mean to the company? Well, a month ago, even before the market tanked, President and CEO Chuck Ratner told investment analysts, "To a great degree, our pipeline gives us the ability to pull back on slow projects as markets weaken or, if the outlook improves, to move projects at a faster pace. Clearly, from everything that we see, this is a time to pull back and that’s exactly what we’ve done."
Posted by amy at October 11, 2008 9:39 AM