At yesterday’s close of the markets, General Growth Properties stock closed at $0.49 per share. In trading this morning it was down another $.06 per share.
With all the bad financial news surrounding the company I was surprised to find that Rich Moore, an analyst with RBC Capital Markets in Cleveland, has an “out perform” rating on the company’s stock.
According to this article in today’s Washington Post, Moore believes the company is trying to “put pressure on creditors and alert investors to the risks confronting General Growth after the company's previous management team was criticized for not being "as upfront as they could be…”
Moore believes that the company’s filing yesterday was meant to send a message to its creditors saying “Let's be real. This is what we're facing. If we don't get it done, there are going to be consequences.”
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