Legg Mason Inc (NYSE: LM)
Legg Mason was off to a pretty strong start to the trading session today. After starting the day off in the green, the stock went through a series of both ups and downs, but didn’t fall to the red at all. And minutes ago, things went from good to great as the stock started to make a run for the top. Below, we’ll talk about what we’re seeing from LM, why, and what we’ll be watching for ahead.
What We’re Seeing From LM
As mentioned above, Legg Mason had a pretty good start to the trading session today. After starting the day off in the green, the stock saw some normal upward and downward activity, but held onto the gains, for the most part. And then things went from good to great, minutes ago, as the stock started to make a run for the top. At the moment (11:07), LM is trading at $38.37 per share after a gain of $1.67 per share (4.55%) thus far today.
Why The Stock Is Spiking
As is usually the case, our friends at Trade Ideas were the first to alert us to the gains on LM. As soon as we go the alert, the CNA Finance team started working to see what was causing the gains. It didn’t take long to uncover the story in this case. The gains are ultimately the result of takeover chatter.
Minutes ago, Street Insider made an interesting report surrounding Legg Mason. The report was that the company has received a takeover offer. At this moment, we’re not quite sure who the offer came from or what the price on the offer was. Nonetheless, given the source of the news, we are comfortable saying that this is likely not a rumor.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on LM. In particular, we’ll be watching to see if the takeover offer does result in an acquisition. If it does, we can expect to see incredible value returned to shareholders. We’ll be watching the news closely and bringing it to you as it breaks!
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