Coachmen stock rises most in 28 years on announcement of sale
MIDDLEBURY, Ind. -- Coachmen Industries Inc., the maker of Viking travel trailers and manufactured houses, rose the most in 28 years in New York trading after the company said it plans to sell most of its recreational-vehicle business to Warren Buffett's Berkshire Hathaway Inc. for undisclosed terms.
Coachmen gained
54 cents, or 95 percent, to $1.11 a share at 10:58 a.m. in New York Composite trading. Earlier the shares jumped as much as 126 percent to $1.29, the biggest increase in intraday trading since at least 1980, according to data compiled by Bloomberg. The stock lost 90 percent of its value this year through yesterday.
The announcement will ``end the speculation over whether Coachmen itself will survive these extraordinarily difficult times,'' Chief Executive Officer Richard Lavers said in the statement.
SOURCE: Bloomberg
