Beazer Homes (BZH): Sick Of Being Bankrupt
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,…
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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Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.
McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.
His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.
A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.
TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.
McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.
