Activist investor David Einhorn of Greenlight Capital has sunk his claws into numerous companies in the past few years, and many have succumbed (remember Lehman Brothers?). But today, two of Einhorn’s recent targets are bouncing back, if only slightly.
Green Mountain Coffee Roasters (GMCR) is up 8.5% in midday trading after receiving an absolute thrashing on Thursday following a disappointing earnings report. The stock fell 39% Thursday, and is down 52% since the close before Einhorn slammed the company at the Value Investing Congress in New York on October 17.
Today, a Cannacord Genuity analyst defended Green Mountain, projecting strong sales growth ahead, which may be helping the stock advance.
The St. Joe Company (JOE), a Florida real estate company that Einhorn bashed at the Value Investing Congress the previous year, is up 7.2%. Of course, it’s still down 37% from the day before Einhorn bashed it.
There doesn’t appear to be much news out about St. Joe today.
Einhorn, meanwhile, is taking a bubble bath in $10,000 champagne. Hey, it’s good for the skin!
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