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Wednesday, October 22, 2008
General Growth Falls 25% As Investors Worry
Greg Morcroft
MarketWatch Pulse
NEW YORK -- Shares of General Growth Properties , a retail real estate investment trust that owns shopping centers, fell 25% in morning trade as investors continue to fret about its financial strength. On Monday, The Wall Street Journal reported that the firm was looking for investors to buy preferred shares, but there has been no word of a deal since that report. On Wednesday, UBS analysts said they are confident in the longer term that risk aversion will return to more normal levels and make the sector more attractive. In the meantime, they suggested General Growth shares are best suited to investors with a high risk tolerance.
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If you've seen TV footage of an active trading pit, you've probably noticed the atmosphere is uproarious and wild. The reason for all the shouting? Open outcry.
On exchange floors that use the open-outcry system, traders shout prices they want to sell while others yell back the price they want to buy at. They also use hand gestures to communicate with each other.
This system has been used for a long time, but is being replaced with modern technology. Some argue electronic exchanges can do the job faster and more accurately. One of the few exchanges that continue to use open outcry is the New York Mercantile Exchange.
