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March 20, 2009
Forest City Stockwatch
Though overexamining the daily trading activity of a single stock can be uninformative in the overall scheme of things, we noticed that somebody (or somebodies) was dumping shares of Forest City Enterprises (NYSE: FCE-A) late yesterday (March 19, 2009).
FCE-A traded in a narrow range almost all day, then, on late spiking volume, traded lower by several percentage points, to close just below the $4 mark. Just before the closing bell, more than a quarter of a million shares traded around $4 a share.
[Click graphic to enlarge.]
We're wondering if this could this have been a panic sell based upon news that Forest City might cap off the "iconic" Frank Gehry-designed Beekman St. Tower at a mere 38 stories, or if shorts like Metropolitan Capital Advisors' Karen Finerman are anticipating further troubles.
Posted by lumi at March 20, 2009 5:14 AM