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Diamond Foods, Inc. (DMND) Message Board

  • bluekat696 bluekat696 Dec 9, 2011 11:58 AM Flag

    Diamond shares jump on hope of quick end to probe

    09-12-2011 17:35 Diamond shares jump on hope of quick end to probe

    * Chances of a restatement are low -- analyst

    * Says believes company properly accounted for payments

    * Shares up 32 percent in morning trading

    Dec 9 (Reuters) - Diamond Foods Inc shares jumped 32 percent on Friday, after an analyst said the company would come out of its accounting investigation quickly and without evidence of wrongdoing.

    KeyBanc Capital Markets analyst Akshay Jagdale said in a research note that the chances of a restatement of the company's costs related to payments to walnut growers were low, and that Diamond would likely still be able to carry through its plan to acquire Pringles from Procter & Gamble.

    Diamond shares were up $8.56, or 32 percent, at $35.11 on the New York Stock Exchange.

    (Reporting by Martinne Geller; Editing by Derek Caney) Keywords: DIAMONDFOODS/ (Reuters Messaging: martinne.geller.reuters.com@reuters.net; (646) 223-6023)

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32.01+0.42(+1.33%)Apr 16 4:00 PMEDT

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