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Beazer Homes, Office Max, and EPL Oil & Gas Hit 52-Week Highs


Quick snapshots of the big movers this morning.

MINYANVILLE ORIGINAL Beazer Homes (BZT), OfficeMax (OMX), and Forestar Group (FOR) all hit 52-weak highs this morning. Jockeying for third place with Forestar Group was EPL Oil & Gas (EPL).

Beazer Homes was trading up to $31.25 on volumes of 25,200, as of 10:50 a.m. EDT. The company designs, builds, and sells single-family and multi-family homes and is named for its founder, Brian Beazer, who still sits on the board. The $3.1 billion market cap company is not normally in the headlines and the activity seems to be tied to its proposed reverse stock split of 1-5 that the directors requested on September 7. The split would reduce the number of stocks from 180 million to 100 million. The company said the new higher price would entice investors who won't buy low-priced stocks.

Business-to-business office supplier OfficeMax was trading up to $7.81 on volumes of 1,888,397. It confirmed this morning that it would extinguish the non-recourse liability related to Lehman-backed timber notes and, as a result, would recognize a non-cash, pre-tax gain of $671.1 million in the third quarter this year. Rival Staples (SPLS) has been in the news as a possible buy-out target by private equity firms.

Forestar Group, which operates as a real estate and natural resources company, was trading up to $18.35 on volumes of 92,841. The $55.1 million market cap company yesterday presented at a JMP Securities conference. Apparently, investors liked what they heard from president and CEO Jim DeCosmo. The real estate segment owns about 145,000 acres of real estate in eight states and approximately 24,000 planned residential lots. The mineral interests are predominantly groundwater leases in four states.
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