Dan River won't speculate on stock activity
Casual Living Staff -- Casual Living, January 28, 2004
DANVILLE, Va. — Today the New York Stock Exchange asked Dan River to issue a public statement indicating whether there are any corporate developments which may explain the "unusual activity" in the company's stock.
Almost 1.5 million shares changed hands in unusually heavy trading yesterday, raising Dan River's stock almost 40 percent. So far today, the stock has given up some of its big gain, sliding back by $0.15 per share to $1.12 in mid-afternoon trading — a double-digit drop of 11.8 percent. More than 1 million shares had traded hands by mid-afternoon in a second straight day of unusually heavy volume.
In response to the NYSE request for a public explanation, Dan River issued a brief statement saying only that the company's policy "is to not comment on unusual market activity."