New York-A 15 percent increase in Intrepid Potash Inc.’s stock price on the New York Stock Exchange raised eyebrows and caused the NYSE to seek comment from Intrepid. However, Intrepid reportedly told the NYSE that it did not respond to inquiries about unusual market changes or rumors. Speculation was that someone was trying to buy Intrepid. The shares moved up from the April 24 close of $21.06 to close on April 27 at $24.21. The shares have since stabilized. Earlier, on April 22 Intrepid received a downgrade from Goldman Sachs and the shares dropped 7.3 percent that day, from $21.20 to $19.65. Intrepid shares have a 52-week high-low of $76.24-$13.80. Goldman moved Intrepid from neutral to sell, and cited building inventories, high potash prices, and that most of the company’s product moves into the domestic market, with fewer international options than other potash producers. However, Barron’s recently did a positive piece on the company, citing no long-term debt and about $117 million in cash.
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