Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Forestar Group
So what: Management decided not to go forward with $250 million in debt offerings because terms were not as favorable as expected. The offering was opportunistic, so this won't hurt ongoing operations.
Now what: The market was disappointed with news of the offering when it was announced May 31, so today's move is a sigh of relief. Shares have been on a slide since early May, and today's bounce is welcome news for investors. Before that announcement, shares were trading for about $18 per share, so we may still have room to run.
Interested in more info on Forestar Group? Add it to your watchlist.
Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.
Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.