Today's Georgia Gulf Rally
Got some questions about the 6% rally in GGC today.
OLN was down 1.8%, so despite what I wrote about the pair after OLN's earnings yesterday, the spread widened.
There were a lot of junky stocks up today - I view the GGC move as a dead cat bounce after yesterday's 15% drop.
We will see tomorrow.
Looking for other capital structure arbitrages right now and not finding much. There are lots of bonds trading at 60 where it is a head-scratcher as to how they could recover anything.
1 comment:
Market noise.
There were a lot of junky stocks up today
It's been like that for months.
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