New York REIT, Inc. | $NYRT Stock | Shares Spike Up On Announcement That Company Will Be Retaining Spencer Stuart

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NYRT Logo (PRNewsFoto/New York REIT, Inc.)

New York REIT, Inc. (NYSE: NYRT)

 

 

New York REIT, Inc. (NYRT), a company that specializes in real estate investments yesterday announced that they will retain Spencer Stuart to help identify potential new independent members of the board.

 

New York REIT, Inc. Committee Comments

  1. Sue Perrotty, Chair of the Committee commented, “The NYRT Board is committed to strong corporate governance and our search for independent Board members is a top priority. We are focused on a thorough and deliberate process and are pleased to bring on a leading executive search firm to assist us.  Spencer Stuart is one of the premier executive search firms, and having their skills and experience available to our Committee will help us both identify and recruit the most suitable candidates for these important Board roles.”

Randolph C. Read, Chairman of the Board and member of the Committee commented, “Having heard from our stockholders regarding the appointment of new members to our Board of Directors, we are moving forward to identify the most qualified candidates. We are committed to acting in the best interests of all NYRT stockholders and are open to constructive ideas to deliver shareholder value.”   PR Newswire

 

NYRT Technical Analysis

nyrt-chart

NYRT opened trading yesterday at $9.29 which was exactly the same as the previous days trading close. NYRT closed trading yesterday at $9.24 and spiked up after market to $10.00, equivalent to a 8% increase from the closing price. Taking a look at the daily chart we can see the last time NYRT traded above these levels we have to go back to August 19th when it traded at $10.03. Taking a closer look at the daily chart we can see that before NYRT spiked up it had been in an overall downward trend dating back to August 18th when it traded at $10.11. NYRT has a float of 163.66 million shares and traded below the normal daily trading volume on Monday. For trading purposes, I would like to see NYRT open trading on Tuesday above $9.75 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.15 from my entry position fearing anything more than that and the stock would start to fill in the gap up.

 

Company Profile

New York REIT, Inc. focuses on acquiring commercial real estate, as well as acquiring properties or making other real estate investments that relate to office, retail, multi-family residential, industrial, and hotel property types located primarily in New York City. It intends to qualify as a real estate investment trust for the U.S. federal income tax purposes. The company was formerly known as American Realty Capital New York Recovery REIT, Inc. New York REIT, Inc. was founded in October 2009 and is based in New York, New York. Yahoo Finance

 

 

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