Thursday, September 3, 2015

Battle to Get Back to the Buck

In intraday trading today, EXCO finally broke above a buck for the first time in two months (but faded later...).  The company had received notice from the New York Stock Exchange exactly a month ago that it would be delisted from the exchange if it didn't start trading above $1 within 90 days.  EXCO got down in the 50 cent range before rallying to get to this point.  If this progress continues and it can stay above a buck, the company may avoid having to do a dreaded reverse stock split.

Goodrich Petroleum, however, went below the buck in late July and has not yet resurfaced.  This week, the company received a similar notice from the NYSE that it is in danger of being delisted.  Given EXCO's progress, there is hope for Goodrich.

1 comment:

Anonymous said...

I believe Exco was given 6 months to get their stock price over a buck