According to the Star Tribune, Granite City’s stock shot through the roof.
Eatery’s stock suddenly hotter than dollar beer
The ticker for St. Cloud-based restaurant chain Granite City Food and Brewery, ran up 205 percent.
Last update: May 5, 2009 – 10:16 PM
A frenzied shout from a blogger was all that precipitated the largest Minnesota stock runup in weeks on Monday: “gcfb running like crazy!!!”
That would be GCFB, the ticker for St. Cloud-based restaurant chain Granite City Food and Brewery, which has 26 restaurants in 11 states. And on Monday, run it did — up 205 percent.
The surge, noticed by almost no one until it was too late, came amid no news, no filings with the Securities and Exchange Commission and no other obvious explanation. A rogue wave, apparently.
Called for a comment, a company official said the restaurant has issued no press releases or public comments. And, due to SEC rules, company officials don’t expect to say anything until earnings come out next Monday.
Shares opened Monday near their lowest price in seven years: 19 cents. A year ago it traded at $2.50. Two years ago at $6.
Then something triggered the run. Speculators? The phase of the moon? A harmonic convergence? By the end of the day, GCFB was trading at 58 cents. It closed Tuesday at 61 cents.
Is the company making a comeback? Tune in on earnings day, May 11.