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IBDvalueinvestin (99.66)

If you bought GGC because its a low float then you better sell

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August 04, 2009 – Comments (0) | RELATED TICKERS: AXLL

and find another stock because its float is going to become huge quick.

The stock's jump may be short-lived because Georgia Gulf's board wants to increase the number of outstanding shares to 100 million and convert the preferred shares -- which pay an ever-increasing dividend -- to common shares.

"I view this spike as typical stock market irrational behavior," BB&T Capital Markets analyst Frank Mitsch said. "It is not likely to end well for those who have been buying the stock long over the past few days."

Georgia Gulf confirmed Tuesday that the NYSE has contacted it about the price jump, but the company said it does not comment on stock movement. (Reporting by Ernest Scheyder; Editing by Lisa Von Ahn)

 

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