Big hedge-fund Citadel says it upped its stake in home-builder Beazer (BZH) to 5.7%. Just in time.
Investors who go a piece of Beazer after it was pulverized on bankruptcy rumors could have picked up shares yesterday at $8.10. But, the bankruptcy only lasted a few minutes. Once Beazer shot down the talk, the shares moved back up and now trade at $12.90, up 12% on the day.
The Citadel news helped.
The whole incident has to make Wall St. wonder how a rumor like the Beazer one gets started, and why enough traders believe it to drive the stock from $13.40 to $8.10 in just a few minutes.
Seems like someone wanted the shares down, at least for a moment.
Douglas A. McIntyre
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