While St. Joe (JOE +3.3%) jumped yesterday on buyout rumors, hedge fund manager David Einhorn...

|About: St Joe Co. (JOE)|By:, SA News Editor

While St. Joe (JOE +3.3%) jumped yesterday on buyout rumors, hedge fund manager David Einhorn thinks a deal is unlikely since the Florida real estate developer had already sold its best properties and was wasting money on residential development despite generating almost no sales. “The company has negative profits with no means of generating ongoing cash to service debt.”