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Strange Action on GGP Stock

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General Growth's stock surged big time today at one point hitting $1.36 per share--the first time its stock has traded north of a $1.00 per share since late January. There has also been tremendous volume today on the stock.

The action is so unusual that General Growth had to put out a statement saying that it had no idea why its stock had surged so much. At one point, it was up 89 percent on the day.

The stock fell a bit after that statement came out. It closed at $0.97 per share (and is up slightly in after hours trading). That still represents a 36 percent one day jump in the stock.

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Elaine Misonzhnik

Senior associate editor Elaine Misonzhnik has been writing for National Real Estate Investor since June 2006 and has covered commercial real estate for more than 12 years. She first became...
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