Trading of Riverside, Calif.-based Fleetwood Enterprises Inc. shares came to a temporary halt Monday (Sept. 29), as the company was moved from the New York Stock Exchange (NYSE) to another board owned by the exchange.
The move to the Arca electronic market came after shares of the recreational vehicle manufacturer fell below $1, according to a report in the Press-Enterprise, Riverside.
Fleetwood spokeswoman Kathy Munson said the shares will go back onto the main exchange once the price is above $1.10 for a trading day, and that the company didn’t plan a reverse split or another means of pushing the price up.
She said Fleetwood plans to increase its investors’ confidence, and that the problems of the stock market in general have hurt the share price.
“The market was obviously in a free fall today,” said Munson. “It’s our hope that as the market stabilizes, (the $1 minimum price) would not be an issue.”
Analyst Kathryn Thompson of Avondale Partners LLC said that Fleetwood has been having a hard time, and it’s being dragged down in the stock market.
“The overall market is getting pummeled,” Thompson said. “Not just Fleetwood.”
Fleetwood shares closed at 75 cents Monday, down 57 cents.
The RV sector as whole took a hit Monday. Most publicly traded companies showed sharp drops in share prices including Monaco Coach Corp., down 18%, and Thor Industries Inc., down 6%.