Rumors Drive Volume (GGP, SPG, HOG)

Posted in Uncategorized 
March 16th, 2010

The rumor mill is back.  It is also tiring.  Today we had two gainers seen in General Growth Properties Inc. (NYSE: GGP) and in Harley-Davidson, Inc. (NYSE: HOG).  Details on each are as follows, along with unofficial closing bell levels.

General Growth Properties Inc. (NYSE: GGP) just spiked at the end of the trading day on rumors that a higher bid was coming from Simon Property Group (NYSE: SPG).  Shares turned in an unofficial closing bell of +2.64% at $15.14 on 3.8 million shares.  Average volume is 3.9 million shares but this one ripped up from $14.50 to over $15.00.  The official close will likely be slightly different.

Harley-Davidson, Inc. (NYSE: HOG) was crazy today on KKR-led buyout rumors.  The ‘buyout rumor mill’ is back strong now that the market has become more enthusiastic.  This one is hard to imagine on the surface with a $6.6+ billion market cap before any buyout premium.  Its 52-week range is $10.86 to $30.00 and today’s high was $28.98.  We have an unofficial closing bell level of being up almost 7% at $28.34 on more than 18 million shares versus an average closer to 3.3 million shares per day.

JON C. OGG

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