Maui Land & Pineapple (MLP) announced that the NYSE has asked them to explain the reason for the big-time movement in MLP stock.
Dubbing it “unusual trading activity,” the NYSE asked MLP to response via press release, which the company did, however its answer was a non-answer.
The press release stated “MLP’s general policy is not to comment on market rumors or speculation including unusual market activity.”
MLP stock has increased nearly 40% since Friday (some 20% in trading yesterday).
In yesterday’s trading, some 95,200 shares changed hands, a 542.6% increase over its 65-day average volume. The shares rose $1.08 or 19.7% to $6.57.
The most notable move this month for MLP was CEO David C. Cole’s departure.
Maui Land & Pineapple Company, Inc. develops, sells, and manages residential, resort, commercial, and industrial real estate.
Earlier this month, Maui Land & Pineapple ended an agreement to purchase a spa, beach club, sundry store and other amenities from Kapalua Bay Holdings, which constructed a residential and time-share development.
Yesterday, Maui Land & Pineapple Co. announced upcoming changes to the constituents of The Cushing Upstream Energy Income Index. After the markets close January 3, the 25 constituents of the Index will be adjusted and rebalanced with changes effective January 6.
MLP stock is up 58% year to date.
