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December 4, 2008
Someone's made some good money on rising Forest City Enterprises stock
Atlantic Yards Report
On November 21, when Forest City Enterprises stock hit a low of $3.42, I wrote, "Either Forest City Enterprises is headed for oblivion or it's a very good buy."
Well, after two days of huge leaps, it's up to $8.90. That's still way below the 52-week peak of $50.06, but investors who took the plunge less than two weeks ago have been richly rewarded.
NoLandGrab: Without knowing who is buying or selling and what their basis is, one can't tell if anyone is being "richly rewarded." You can say for certain that the stock is trading and that it is fluctuating more wildly than the rest of the sector.
However, shareholders were probably relieved to hear that Forest City has stopped construction activity at Atlantic Yards and would probably sleep easier if the company unloaded the NJ Nets.
Posted by lumi at December 4, 2008 4:43 AM