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What: Shares of beleaguered real estate developer St. Joe Company
So what: St. Joe's stock is flying today thanks to some unsubstantiated buyout rumors. And when I say "unsubstantiated," I mean that with a capital "U" and a double underscore. I found one source that said there has been some unconfirmed chatter that noted value investor Bruce Berkowitz -- who already owns a substantial position in St. Joe along with other embattled financials including AIG
Now what: Normally, I'm not keen on chasing stocks based on buyout rumors. When the rumors are this flimsy though, I'm even less inclined to get interested. Taking a step back from today's rumors, St. Joe is still a very tricky battleground, pitting the savvy Berkowitz against the sharp and tenacious David Einhorn. The market has thus far paid heed to Einhorn's warnings and the stock has taken a drubbing, but the final chapter is far from written here.
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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.