General Growth Properties (GGP) Sees Upside Action - AGAIN
Up)General Growth Properties Inc. (NYSE: GGP) is seeing upside momentum again today. The stock is up 17% currently after opening flat. Yesterday, GGP gained 35% but was up as high as 89% intra-day until the company addressed the unusual market activity, saying, "it is not aware of any corporate developments that might explain the unusual market activity".
Today, Wachovia downgraded GGP from Outperform to Market Perform, citing serious risk of bankruptcy.
Yesterday's move was related to hopes that debt holders won't force the company into bankruptcy anytime soon.
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