$HHC Buy The Dip And Play The Fibonacci Retracement

NYSE:HHC   Howard Hughes Corporation (The)
$HHC dropped like a rock on announcing some restructuring changes. We think this a good dip buying opportunity on a market over-reaction. Here's the news:

The Howard Hughes Corp . (NYSE:HHC) following its announcement that it's replacing its CEO and embarking on a transformation plan.

That follows a "thorough" strategic review, the company says.

It's named Paul Layne (currently president of the company's Central Region) the new chief executive, effective immediately. David Weinreb and Grant Herlitz are stepping down from the company, and Layne will replace Weinreb on the board.

The new transformation plan has three pillars, the company says: a $45M-$50M annual reduction in overhead; selling about $2B in noncore assets; and accelerated growth in core MPC assets.

Chief Financial Officer David O'Reilly will have an enhanced role working with Layne on executing the new plan.

Remember, hedge fund manager Bill Ackman is Chairman of the Board and a major shareholder. He is well-known for being committed to his deals.

The Howard Hughes Corporation owns, manages, and develops commercial, residential, and hospitality operating properties in the United States. It operates through three segments: Operating Assets, Master Planned Communities, and Strategic Developments. The Operating Assets segment owns 15 retail, 28 office, 8 multi-family, and 4 hospitality properties, as well as 10 other operating assets and investments primarily located and around The Woodlands, Texas; Columbia, Maryland; New York, New York; Las Vegas, Nevada; and Honolulu, Hawai‘i. The Master Planned Communities segment develops and sells residential and commercial land. This segment sells residential land designated for detached and attached single family homes ranging from entry-level to luxury homes; and commercial land parcels designated for retail, office, hospitality, and high density residential projects, as well as services and other for-profit activities, and parcels designated for use by government, schools, and other not-for-profit entities. As of December 31, 2018, this segment had 10,543 remaining saleable acres of land. The Strategic Development segment comprises residential condominium and commercial property projects. This segment consist of 29 development or redevelopment projects. The company was founded in 2010 and is headquartered in Dallas, Texas.

As always, trade with caution and use protective stops.

Good luck to all!

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