POSTED: 1:30 a.m. HST, Feb 3, 2011
Maui Land & Pineapple Co.'s stock surged 20 percent, or $1, yesterday to close at $6.05 despite an absence of any significant public news on the financially struggling company.
The Kahului-based firm, after being alerted by the New York Stock Exchange, issued a statement saying that its policy is not to comment on unusual market activity.
The surge occurred two days after Maui Land announced that it would not continue managing the two golf courses at Kapalua Resort as of April 1. The change will eliminate about 200 jobs at the company, though the employees are anticipated to land jobs at an Arizona company assuming the golf operations.
On Tuesday, the stock rose 18 cents, or 3.7 percent, to $5.05.
Trading of Maui Land shares yesterday was high, but not unprecedented for a stock where buying and selling volumes have historically been volatile.
The volume yesterday was 67,601 shares compared with daily volume that roughly ranged from 4,500 to 55,000 in January. On one day in December, 85,758 shares were traded.
Yesterday's closing price was well short of a 52-week high set at $7.65 on March 29. The stock's 52-week low was $2.94 on Feb. 4.