Why Taubman Centers Stock Rocketed Higher by 97% in February
Shares of real estate investment trust (REIT) Taubman Centers (NYSE: TCO) shot higher by a massive 97% in February, according to data from S&P Global Market Intelligence, nearly doubling in price in just one month. By comparison, the S&P 500 Index fell by around 8%, driven lower by fears surrounding the spread of COVID-19. While the world has been focused on the coronavirus, there's clearly something big taking shape at enclosed-mall owner Taubman.
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Taubman and its mall peers have been facing headwinds for a number of years now as consumer shopping has increasingly shifted online. Taubman owns some of the best located and highest quality malls around, but it still has been forced to deal with retailers going bankrupt and other lessees that are closing stores to rationalize their footprint.
Source Fool.com
