Updates share price information.
shares continue to set new highs even as the surge in shares of other failed financial companies has shown signs of leveling off.
WaMu shares were up 73% to 43 cents in over-the-counter trading on the Pink Sheets Monday with volume of more than 70 million. The three-month daily average churn for the stock is slightly less than 11 million. After hovering around 10 cents per share from May through much of August, shares of the failed thrift perked up on the last day of that month.
The stock's session peak of 43 cents is its highest level since the bank was seized by regulators September 25--a year ago this Friday. Many of WaMu's
were eventually acquired by
While other dead and near-dead companies like
Lehman Brothers and
have gained a surprising following in recent weeks, all those companies shares have since sold off somewhat after big run-ups.
This is probably just an anomaly. When shares trade for pennies, it is hard to read too much into their movement.
shares also had a big rally on the one-year anniversary of that bank's failure , so maybe speculators are trying to get ahead of a similar move.
Written by Dan Freed in New York