Tough call. Does the 70,000 acres PCL just sold for 89,000,000 mean $1,272 value per acre for the rest of it?? ASSUMING the rest is worth that much, minus debt means PCL is 'worth' $38.34 a share. Hummmmmmmm
Go here for lumber prices: http://online.wsj.com/mdc/public/page/2_3028.html?category=Other&subcategory=Lumber&mod=mdc_cmd_pglnk Jan 11 closed down at 255.2. Lumber won't make much headway until there's a sustained turnaround in the housing market. Longer term contracts are trading a lot higher, and that could indicate some optimistic sentiment creeping into the markets. Personally, I think it's premature. Open interest is still very small in the out months. I think there's an old saying, "What will be will be."