St. Joe Continues Down (JOE)

The St. Joe Company JOE shares continue down today, losing another 1.6%, just a couple of days after the company announced it would be exploring strategic alternatives. Shares initially spiked higher yesterday in the morning on the news, but shares gave up all their gains and finished down on the day, which is incredible rare for a company to do that. There is something askew here, but I can't quite put my finger on it yet. I have never seen this before. Benzinga sent a tweet to Rand Partners principal Todd Sullivan to see if he had a reason for it. Sullivan responded by saying it could be due to the lack of a time frame given in the announcement. Sullivan does not own own shares of JOE. Sullivan spoke at the Harbor Investment Conference last week, along with Bruce Berkowitz, who owns 30% of St. Joe. Berkotwitz controls the stake through his mutual fund Fairholme Capital, and was recently appointed to the St. Joe board. Sullivan may very well be right, that it's just a timing issue on this, and that shares will go higher over time. It will be very interesting to see how it ultimately plays out, but I suspect that perhaps there is more to this than meets the eye. At last check, shares of St. Joe were off 43 cents to $26.57.