Sell NG 11-16-2011

We just took profits on NG today.  The stock jumped around 25% after the announcement that they are spinning off part of the company and there will be a new CEO.  Here is the release.

NovaGold (NG) announced this morning that it would spin off part of the company. The portion of the company that will be spun off will remain a NovaGold subsidiary, but will have separate stock. Shares of the subsidiary, which will be called NovaCopper, will be distributed to NovaGold shareholders, who must approve the spin-off. NovaGold's CEO and President, Rick Van Nieuwenhuyse, will step down from his current position and become the CEO of the new subsidiary, NovaGold said. In early afternoon trading, Novagold jumped $2.36, or 26.79%, to $11.17.