When shares of Billabong dropped 12.5 percent on Thanksgiving Day everyone was a bit surprised. In fact, the company has no explanation for it at all, according to a story in the Herald Sun.
The unexpected surge in trading volumes on Thursday prompted the Australian Securities Exchange to write to Billabong, asking the company if it had any undeclared information that could explain the activity. . . Billabong responded yesterday by saying it was not aware of any information significant to the company that had not been announced.
The sell off (which was reportedly the busiest trading day since August) saw 9.26 million shares traded and the Billabong stock to $3.64. Taj Burrow winning a contest didn’t scare people that much did it?
[Link: Herald Sun]
Insider trading. Someones gotta know something.
when your australian online outlet is on sale/ giving away bonus’s in the lead up to your traditionally best full price pre xmas period .maybe a few smart fund managers have stepped into a few bricks and morta surf shops and can see the writing on the wall. billabongs excursion into retail/online is not sustainable in its present form, something has to give.
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