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KGMB9 Weekend Team
Two Kinds of Stock Selling; Panicky and Akamai Print E-mail
Written by Howard Dicus - hdicus@kgmb9.com   
October 06, 2008 07:50 PM

 
There were basically two kinds of stock selling today. The first kind was panicky individuals phoning their bankers or brokers to say, 'I don't care what you think it going to happen, get me out of these stocks.' I've been calling around and there was a fair amount of that today from consumers who don't fully understand what's going on in global stock markets but they know they don't like it!

The other kind has been akamai investors selling specific stocks of companies they feel are poorly positioned for continuing economic uncertainty.

Case in point, General Growth Properties, second largest owner of shopping centers in the United States, the owner of Ala Moana Center, Victoria Ward Limited, and Hilo's Prince Kuhio Plaza. It lost half its value Friday and another 20  percent Monday, as investors read a Wall Street Journal story about General Growth executives selling their own shares, including the chief financial officer, who last word unloaded more than a million shares.

The company has fired him, by the way, but the damage is done, with the Journal reporting General Growth has a lot of debt coming due next year, which may or may not be a problem according to how much normality returns to credit markets by then.

Maui Land & Pineapple fell 10 percent today. Some investors sold shares after learning that Lehman Brothers never came across with tens of millions of dollars the company was counting on to continue renovations at the Kapalua Resort.

Hawaiian Airlines fell 7 percent, Alexander & Baldwin and Bankoh fell 6 percent and Hawaiian Electric fell 2 percent.



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Last Updated ( October 17, 2008 08:51 PM )
 


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