Furniture Brands International's stock price up 35% today

Larry Thomas -- Furniture Today, January 12, 2012

ST. LOUIS — Furniture Brands International stock was up more than 35% on Thursday in heavy trading by early afternoon, but there was no news or announcements from the company to account for the big increase.

By about 1:15 p.m., the stock was trading at around $1.54 per share, a 35% jump over Wednesday's closing price of $1.13.

It's the highest FBI's shares have traded since early November, when the price went below $2 per share for the first time. It tumbled to around $1 per share in late November and early December.

Lisa Hanly, director of media relations, said the company has made no announcements this week.

On Wednesday, CEO Ralph Scozzafava and Controller Rick Isaak made a presentation to investors at the ICR XChange Conference in Miami, outlining steps the company has taken to improve its operations and balance sheet.

Furniture Brands, with about $1.1 billion in annual sales, is one of the largest U.S. furniture manufacturers, importers and retailers. Among its brands are Thomasville, Broyhill, Lane, Drexel Heritage, Maitland-Smith and Henredon.