The St. Joe Company (JOE) is down 3.87% to $26.36 after Barron's reported that the landholder and developer, which owns vast tracts in the depressed Florida Panhandle, faces doubters and short sellers.
Ceding control of the company last week to investor Bruce Berkowitz of Fairholme Funds does nothing to solve the company's basic problems: a weak real-estate market in the Florida Panhandle best known to boosters as the Emerald Coast, and to the less charitable as the Redneck Riviera, Barron's says.
JOE shares could go much lower if Berkowitz is unable to realize significant value from the company's vast holdings of 574,000 acres, or almost 900 square miles.