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Shares of Fleetwood Enterprises Inc. rose more than 8% Wednesday (April 6), the day after the recreational vehicle and manufactured housing builder said it plans to sell its manufactured housing retail and financial services units.
Fleetwood’s shares rose as high as $9.57 on the New York Stock Exchange Wednesday and ended the day at $9.39, up 64 cents. Thursday morning trading showed an early run on shares before leveling off and dropping slightly.
In its statement late Tuesday, Fleetwood said that the sale was designed to stem losses and allow it to concentrate on its core manufacturing businesses. The company also is consolidating manufactured housing production operations in Alma, Ga. and Waco, Texas.