Behind Closed Doors, Bill Ackman Called A NYC Seaport Developer One Of Wall Street's Best Kept Secrets
Howard Hughes via SECIn case you were wondering why Howard Hughes Corporation's stock hit a 52-week high of $78.52 today...
The company was talked about at the Harbor Investment Conference at JPMorgan Chase in Midtown Manhattan.
The HIC is an annual event that raises funds for the Boys & Girls Harbor in New York City that's co-chaired by Bill Ackman and Mark Axelowitz.
All trade ideas that were being discussed were embargoed until after the closing bell.
Ackman, who has a big stake in Howard Hughes and is the chairman of its board, called the company that develops planned communities and mixed-use properties one of the "best kept secrets on Wall Street" during his introduction of the CEO.
Howard Hughes CEO David Weinreb gave a big slide presentation on the company at the charity conference that showed tons of pictures of their plans. Moments after the presentation, the stock hit a 52-week high.
And for any New Yorkers who might be interested, Weinreb showed some pretty cool plans for the South Street Seaport to be used as a venue for fashion shows and rooftop concerts, etc. You can see the presentation here in the company's 8-K filing with the SEC.
The stock closed up $5.52, or 7.59%, to end at $78.23 a share.
Check out the chart for today:
Yahoo! Finance