Frontline Shares Skyrocket
Wednesday, November 10, 1999
Shares of the tanker company Frontline Ltd. jumped more than 300 percent on Nov. 9. The shares were up 8 at 11-1/2 in afternoon trading on the Nasdaq stock market. Volume surpassed 49,000 shares, more than 100 times the daily average. The shares rose to a 52-week high of 23-1/4 in morning dealings.
Frontline officials said it was company policy not to comment on unusual market activity.
The stock may have been aided by comments from an analyst who initiated coverage of Frontline with a buy rating.