Ticker Shock: Harley Davidson Revs Up; Losses at Lennar, Alcoa-Minyanville

Ticker Shock: Harley Davidson Revs Up; Losses at Lennar, Alcoa

Glenn Curtis Jan 12, 2009 1:30 pm

Ticker Shock: Harley Davidson Revs Up; Losses at Lennar, Alcoa


		Monday's top stories and stocks with potential to move.

Bebe (BEBE):

According to a release at 8 p.m. this past Friday night: “Gregory Scott has left the company as Chief Executive Officer and a member of the Board of Directors in order to pursue other interests, effective January 9, 2009.”

Apparently Manny Mashouf, bebe’s chairman, is going to be filling Scott’s shoes as chief executive.

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At first blush I think the company will be left in pretty good hands but I'd like a little more color on why he's leaving.

I think there’s a chance that this change at the top might be viewed as a positive thing in the coming days. Keep in mind that the company is coming off a less-than-stellar second-quarter sales report and it’s trading near its 52-week low.

Am I considering bottom fishing on this news? No, though again, it may ultimately be viewed as a positive.

Lennar (LEN):

Shares of the Florida-based homebuilder were off single-digit percentages after the open today.

According to the Associate Press: “Lennar Corp. on Monday fired back at a group whose critical report on the company Friday led to a 20% decline in its stock price.”

Also according to that same article:

“A group called the Fraud Discovery Institute Inc. released a report citing the top 10 flags for fraud at Lennar, including a claim that Lennar's joint ventures were operated as Ponzi schemes. The group is led by Barry Minkow, who started it after serving a sentence for fraud at his own former company ZZZZ Best Co.”

I plan on waiting to see how this story plays out before taking any position. The word “Ponzi” is just too scary these days.

For what it’s worth, the insider data reveals a flurry of insider purchase back in the Octoberish time frame. Also, click here for the release from this morning.

Have a great day!


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