Hawaiian’s stock surges
on large block trading
The stock of Hawaiian Airlines' parent soared nearly 28 percent yesterday on heavy volume of just under a million shares to close at its highest level in almost six months.
Hawaiian Holdings Inc.'s shares rose nearly 38 percent at one point to $1.24 on the American Stock Exchange before ending the day at $1.15.
It was the highest closing price and the heaviest volume for the stock since it resumed trading Aug. 19 after a five-week trading halt.
Andrew Schwarz, whose firm, AGS Specialist Partners, is the market specialist for Hawaiian on the AMEX, said he didn't know any reason for the stock's move.
"There was very large concentrated buying (19 transactions of 10,000 or more shares) and I have no idea why," said Schwarz, a partner with AGS.
Hawaiian Airlines spokesman Keoni Wagner said he also knew of no reason for the heightened activity in the shares.
The most recent news with the company occurred after the stock market closed last Friday when U.S. Bankruptcy Court Judge Robert Faris delayed a request by Hawaiian Airlines trustee Joshua Gotbaum to suspend a $4.25 million payment to the pilots' pension plan. Faris asked the two sides to get together to discuss the matter, and set a new hearing date for Oct. 24.
In another matter, Faris granted Hawaiian Airlines a four-month extension yesterday to assume or reject unexpired leases of nonresidential real property, such as its headquarters building and airport space.