After rising to a 52-week high of $37.24 at one point Monday, the price of Churchill Downs' stock had fallen $2.72 (-7.36%) to $34.25 by mid-afternoon Wednesday.
Demand for Churchill stock was bullish Monday, with trading volume of 37,500, compared with daily average volume of 25,960, according to Quicken.com. The rise began on the first day of trading after Christmas Day, with the price going as high as $34.00 before closing at $32.59 on Dec. 26. It continued its ascension the next day, with volume of 30,100 before really spiking on Friday. With volume of 91,100 that day, Churchill's stock price closed at $36.00. On the final day of trading in 2001, Churchill closed at $36.97 Monday, when volume was 37,500 shares.
According to the Louisville Courier-Journal,
stock analysts could not attribute the sudden rise to any one development. Optimism that some form of alternative gaming for racetracks could be forthcoming during the next legislative session that begins later this month was most often cited as a possible explanation for the price increase.