Diamonds and Dogs
11/15/12
Diamond Foods Inc. (DMND)Diamond Foods is no diamond today, down 21.23% to $15.36. The snack product company saw its shares go stale after a restatement of its earnings report. The restatement showed a loss of $53.4 million for the past three quarters of 2012. The restatement was forced after an internal investigation found that the company had improperly accounted for its payment to walnut growers. The poor earnings also ruined a deal between the company and Proctor & Gamble. Under the deal, Diamond Foods would have acquired the Pringles line of goods from P&G. Diamond Foods fell to a six-year low, and needless to say set a new 52-week low.
Bluegreen Corp. (BXG)
Bluegreen Corp is only looking green today, with shares up 55.56% at $8.96. The management company (that primarily focuses on vacation ownership) saw its shares skyrocket today after news was released regarding a buyout deal. Bluegreen agreed to be purchased by BFC Financial Corp for $10.00 per share. The deal is a cash only deal that would amount to around $150 million, which is a 73.6% premium above Bluegreen's share price on Wednesday. BFC already owns around 54% of Bluegreen's outstanding stock, through its Woodbridge Holdings unit. Bluegreen set a new 52-week high today, by around $2.50.
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