Craig Shares Fall After Block Valued Lower

Shares of Craig Corp., a holding company with 1997 revenue of $27.2 million, fell 13% after a block trade of 57,000 shares valued the stock 25% below Wednesday’s closing price. Craig’s stock fell $1.25 to close at $8.19 in NYSE trading during a broad market sell-off. Trading in the shares was halted in the morning as the block became available. Lawndale Capital Management Inc. manager Andrew Shapiro said the block could have come from a small-cap mutual fund liquidating some of its holdings. Lawndale owned 358,500 shares of Craig as of Feb. 5, and Shapiro said he bought more when the price dropped. Los Angeles-based Craig had 3.76 million common shares outstanding as of Aug. 12. The company issued a statement saying it has no nonpublic information related to the stock drop. Craig has a controlling interest in Citadel Holding Corp., which manages commercial and residential property, and a controlling interest in Reading Corp., a movie theater and real estate development company.