Join        Login             Stock Quote

Diamond Foods (DMND) Shares Jump After Blackrock Discloses Stake

 February 11, 2013 12:43 PM

(By Balachander) Diamond Foods Inc. (NASDAQ: DMND) shares jumped Monday after BlackRock said it acquired a stake in the maker of Emerald nuts and Pop Secret popcorn.

A regulatory filing showed the investment firm held a 7.85 percent stake in the San Francisco-based snack-food company.

Diamond Foods financial results have been hit by an accounting scandal over payments to walnut growers. Early last year, the company announced that its audit committee found faults with regard to payments to walnut growers in 2010 and 2011 and that it will be restating its results for these two years.

[Related -United States Steel Corporation (X): Small Insider Buy, Big Rewards?]

The internal enquiry over the scandal caused the ouster of the company's chief executive and chief financial officer and also resulted in the collapse of Diamond's deal to acquire Pringles potato chip unit from Procter & Gamble (NYSE: PG).

For the first quarter ended October 2012, the company's non-GAAP earnings more than halved to $5.22 million and sales dropped 10 percent.

Shares jumped 11.87 percent to trade at $16.17 on Monday at 12.37 pm ET. The stock has been trading in the 52-week range between $12.85 and $28.29.

iOnTheMarket Premium


Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageTwo Picks to Play Defense in a Slowing Economy

Is the economy slowing? Last Thursday the Institute for Supply Management (ISM) reported that its read on...

article imageUS Jobless Claims Fall, Moving Closer To Multi-Decade Low… Again

US jobless claims continue to cast a positive glow on the outlook for the labor market. Today’s weekly read on...

article imageLong-term Relationships and Credit Scores

Unlike many commentators, I tend to think credit scores are a good read on...

article imageIn Defense Of Rolling Return Charts

Robeco’s Lukas Daalder has a bit of an issue with rolling-performance graphics. Bashing a recent chart of read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.