General Growth stock rallies, closes at $1.00

After-hours trading not so kind though; more dead malls?

In an astonishing one day turn around, General Growth Properties (GGP) had a one-day gain of 143% closing at a solid $1.00 a share, up from it's previous close of 41 cents per share.

In after hours trading, GGP gave up much of it's extraordinary gain trading at $.81. GGP has traded as high as $49.76 in the last 52 weeks.

GGP is the developer of the Elk Grove Promenade who's construction has been stopped since July.

In related real estate news, weak holiday sales could spell the doom for many malls nationwide according to some retail analyst.

"Certainly malls are going to be very damaged by Christmas. It could be all over for some of them very soon," said Britt Beemer, founder and chairman of America's Research Group.

"If people don't spend money in malls, stores can't pay the high rent," he said. "If more stores close, what we'll have next year are more dead malls."

The way things are going for the Elk Grove Promenade though, it may never have the chance to die as it's birth is rather uncertain.