Shares of Chattanooga-based CBL jump 24.3% Tuesday

Shares of Chattanooga-based CBL jump 24.3% Tuesday

September 10th, 2019 by Dave Flessner in Business Around the Region

In this 2018 staff file photo, Michael, Charles and Stephen Lebovitz, from left, celebrate 40 years as a company as they talk about CBL Properties.

Photo by Tim Barber /Times Free Press.

One of Chattanooga's most battered stocks in recent years jumped in value Tuesday by nearly a fourth, adding more than $43 million in market value in trading on the New York Stock Exchange.

Shares of CBL Properties, the Chattanooga-based shopping center developer, rose nearly 24.3%, or 25 cents per share, to close Tuesday at $1.28 per share. Tuesday's close was the highest for CBL since May 13 and was reached without any major announcement Tuesday.

But even with the jump in share prices for CBL's common stock on Tuesday, the company's stock is still trading one third below its price at the start of 2019 and the company's close Tuesday was still down by more than 97% from CBL's all-time peak of $48.97 a share in 2007 before the Great Recession.

— Compiled by Dave Flessner