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April 22, 2009
Forest City in the News
Daily Herald, Des Plaines considers redevelopment options
The Des Plaines city council Monday approved a memorandum of understanding with Cleveland-based Forest City Enterprises, formalizing the city's intent to make it the master developer for the 70-acre Five Corners taxing district.
Forest City likely would redevelop roughly 20 acres of the Five Corners redevelopment area, centered around Rand and River roads. But the developer also may be involved in planning the future redevelopment of the entire district, officials said.
Nets Daily, What’s Going on Here?
NJ Nets and Atlantic Yards superfan "NetIncome" noticed that shares in Forest City Enterprises have reached the high single-digit range, though he doesn't know why. [Neither do we for that matter.]
Forest City Enterprises is Bruce Ratner’s parent company and the biggest shareholder in the Nets.
Its stock has more than doubled in a little more than two weeks, better than 4% alone on Friday. It has gone from $3.41 on March 30 to $8.57 on Friday…that’s a 151% increase in 14 trading days. It got as high as $8.97 Friday before dropping back a bit late. We believe that’s the highest it’s been, intraday, since December. The whole market is going up, but not 151% in 14 trading days.
FCE owns 23% of the Nets and a big chunk of Atlantic Yards. We doubt this is happening because investors think the Nets are going to get the overall #1 pick in the lottery. Similarly, we cannot imagine it happening if those investors, several of whom are big institutional investors, think Atlantic Yards is dead, considering it’s the only major project FCE is moving during the recession.
You know the old adage: buy on the rumor, sell on the news. What’s the rumor?
TheStreet.com, Profit With RealMoney
On March 10, RealMoney contributor Tim Melvin recommended Forest City Enterprises (FCE.A Quote) to subscribers in an article entitled, "The Coming Value Party." Forest City shares closed March 10 at $4.67. The stock closed Friday at $8.57, giving subscribers who followed Melvin's advice an 83.5% return.
NoLandGrab: Shares of FCE-A closed on Tuesday at 7.80.
Posted by lumi at April 22, 2009 4:41 AM