Diamond Foods Up 7% on Heavy Volume
Shares of Diamond Foods (NASDAQ: DMND) could see some activity in the last hour of trade on Thursday. The stock has risen 7.34% to $31.56, but is trading below its highs of the session. Around 4.6 million DMND shares have already traded hands compared to a 3-month daily average volume of 2.2 million. The company is currently undergoing an internal accounting investigation related to certain payments to walnut growers which may have inflated last year's earnings.
The SEC has also opened an official investigation into DMND's accounting practices. As a result of this uncertainty, and the delay of DMND's acquisition of the Pringles brand from Proctor & Gamble (NYSE: PG), the stock has fallen more than 61% in the last 3 months.
Diamond Foods, Inc. (Diamond) is a packaged food company focused on building, acquiring and energizing brands. Diamond specializes in processing, marketing and distributing snack products and culinary, in-shell and ingredient nuts.
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