Real estate company St. Joe announced Tuesday (2/8/11) that it’s putting itself up for sale. The company has been the subject of a high profile debate between famed investors Bruce Berkowitz, who has a large long position in the stock, and David Einhorn, who’s short. At the start of trading yesterday (2/9) the stock rose sharply on the news, but then during the day it fell steadily, closing down over 7%. Here’s the Google Finance chart for 2/8 and 2/9/11:
Covestor model manager Doug Estadt bought JOE aggressively during the day yesterday – it’s now his largest holding in his Management Access model. Here’s how this Covestor model has been doing :
Sources:
“The St. Joe Company to Consider Financial and Strategic Alternatives”
Press release, 2/8/11 (http://ir.joe.com/releasedetail.cfm?ReleaseID=548596)
“St. Joe For Sale. Short Sellers Lose?”
Wall St. Journal, by Shira Ovide 2/9/11 (https://blogs.wsj.com/deals/2011/02/09/st-joe-for-sale-short-sellers-lose/)
