Diamond Foods, Inc. (NASDAQ: DMND) has seen a reversal of fortune like very few non-biotech and non-online stocks have seen in 2011. From accounting concerns, to troubles with an acquisition, to a director’s suicide. One research effort tried to defend the stock considerably and that caused a huge rally, right before the bottom fell out all over again.
Shares are on the rise on the next to last trading session of the year on two different issues. There are reports that David Einhorn has taken a stake in the food products company. Is that true? Maybe, maybe not. It is the rumor mill at work and some rumors end up true and some end up false.
There is another issue behind the move and that is short covering. Short sellers could be scrambling to get out of this one before the end of the year. It is interesting that the mid-December settlement short interest actually showed a decline of 10.7% from the end of November down to 10.02 million shares.
Diamond shares are up 10% at $32.35 and the 52-week trading range is $26.11 to $96.13.
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