Textron (TXT) Gets Moving On Takeover Talk
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The move higher in Textron Inc. (NYSE: TXT) today is being attributed to renewed takeover chatter. Shares of Textron are up 2.6% today on volume that has already matched the norm.
Around the same time last year, there was a false report going around that a consortium of United Arab Emirates companies and a Kuwaiti firm was preparing a $21 per share offering for the company. This report caused a sharp spike in the stock. It was followed by a sharp subsequent sell-off after the report proved untrue.
It was later found out that Kuwaiti businessman Hazem al-Braikan was tied these fake takeover reports and was charged by the SEC for manipulating Textron and other U.S. companies. Following the charges, al-Braikan was found dead in his bed with a gunshot wound in an apparent suicide.
Traders going long Textron on today's rumor better hope that this rumor has more substance, but likely it doesn't.
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Around the same time last year, there was a false report going around that a consortium of United Arab Emirates companies and a Kuwaiti firm was preparing a $21 per share offering for the company. This report caused a sharp spike in the stock. It was followed by a sharp subsequent sell-off after the report proved untrue.
It was later found out that Kuwaiti businessman Hazem al-Braikan was tied these fake takeover reports and was charged by the SEC for manipulating Textron and other U.S. companies. Following the charges, al-Braikan was found dead in his bed with a gunshot wound in an apparent suicide.
Traders going long Textron on today's rumor better hope that this rumor has more substance, but likely it doesn't.
Market Moving News and Intelligence - 2
Weeks Free
http://www.streetinsider.com/premium_content.php
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