Did DOLE Intentionally Lower Its Share Price SO this Bid Looks Better?
Recall that DOLE said it was buying back $200m in shares, the stock rose then, about 2 weeks later they announced on same day that the buyback was cancelled and that there would be$23 million short fall(loss) in strawberry sales. Stock dropped from $11+ to low $9.
If you recall back a little further - the stock had already fallen to $10 after earnings. Then a day or two later they announced the buyback that took it to $11+.
If Dole was trying to manipulate the price down - it would not have made sense to even announce the buyback in the first place. Just let the stock continue to trend lower after earnings and when they announced the 23M dollar strawberry loss and that they were buying ships (great big ships!) the stock would have still likely bottomed at $9.
And in the latter scenario - there would be no suspicion of manipulation today. Only salvation.
So even though the events seem unusual - I don't think there is anything else to it.