Chicago Bridge & Iron Company N.V. (NYSE: CBI) is having an interesting day in the market today. While the stock found itself in the red early on, most recently, the stock has been spiking as the result of rumors. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:59), CBI is trading at $15.99 per share after a gain of $0.82 per share or 5.41% thus far today.
CBI Gains On Takeover Chatter
As mentioned above, Chicago Bridge & Iron Company is having an interesting day in the market early on today. While the the stock was in the red early on, most recently, the stock has been spiking upward as rumors start to break. The rumor is that the company will soon be taken over at a price of $25.50 per share. This represents an overwhelmingly strong premium. However, as most market rumors, this one is relatively vague. There is no insinuation of who may be interested in purchasing the company and finding the source of the rumor is proving to be nearly impossible.
As is the case every time we cover rumors, it’s important that we remind readers that the CBI rumor isn’t the only one we’ve seen recently. In fact, rumors seem to be a daily occurrence in the market. Like most rumors, market rumors generally lack validity. In this case, because the rumor is overwhelmingly vague and tracking the source is nearly impossible, we aren’t getting our hopes up and don’t believe that you should either. So, if you’re going to trade on this news, please be sure to do so with caution.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CBI. In particular, we’re interested in learning if there is any validity to these rumors. While we don’t believe that the company will be taken over, anything can happen in the market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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