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Is The Worst Really Over at Diamond Foods?

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By Jon C. Ogg Published
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Diamond Foods Inc. (NASDAQ: DMND) is surging on what would be considered no real news from the company. The driving force is that BlackRock disclosed on Friday a larger stake of almost 8% in the troubled food products company.

It is interesting that the news flow from Diamond has been so weak. With a new management team, many of the past accounting issues that the company suffered from seem to be in the rear view mirror. Whether or not the full issues are really behind remains up for debate after the issues have persisted since 2011.

We would note that some of today’s move being a short covering rally as well. While the current short interest of 7.109 million shares is the smallest short interest in a year, the days to cover is still about 17.6 days. That days to cover is the largest short interest is the largest reading since the end of October.

Shares of Diamond Foods are up over 13% at $16.33 against a 52-week trading range of $12.85 to $28.29.

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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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