Tyco (TYC) Shares Pare Gains as United Tech (UTX) Financing Was Well Below $20B; Goodrich (GR), Rockwell (COL) Could Be More Likely Candidates
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After surging as much as 8 percent earlier Friday on takeover chatter, shares of Tyco International (NYSE: TYC) have now given up a portion of the gains following reports from CNBC's David Faber which suggest recent financing at United Technologies (NYSE: UTX) is not for Tyco.
A source close to Faber said the financing was well below $20 billion, and thus likely puts Tyco out of reach.
Consequently, shares of both Goodrich (NYSE: GR) and Rockwell Collins (NYSE: COL) moved to session highs following the report from Faber.
Tyco shares last traded at $43.84, up 3.4 percent from Thursday's closing price. Shares of Goodrich and Rockwell Collins are up 5.9 percent and 10.4 percent, respectively.
A source close to Faber said the financing was well below $20 billion, and thus likely puts Tyco out of reach.
Consequently, shares of both Goodrich (NYSE: GR) and Rockwell Collins (NYSE: COL) moved to session highs following the report from Faber.
Tyco shares last traded at $43.84, up 3.4 percent from Thursday's closing price. Shares of Goodrich and Rockwell Collins are up 5.9 percent and 10.4 percent, respectively.
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