Why Calgon Carbon, Kindred Healthcare, and Impax Laboratories Jumped Today
Thursday was a down day for the stock market, but major benchmarks managed to limit their losses to modest amounts of less than half a percent. Investors looked at a wide variety of different factors, including a decline in weekly unemployment claims, new U.S. sanctions against North Korea, and the rising belief that the Federal Reserve will go forward with planned interest rate increases in December. Yet some stocks managed to overcome the downward pressure from the market at large. Calgon Carbon (NYSE: CCC), Kindred Healthcare (NYSE: KND), and Impax Laboratories (NASDAQ: IPXL) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you why they did so well.
Shares of Calgon Carbon soared more than 60% after the specialist in activated carbon products received a buyout bid from Japanese chemical giant Kuraray for $1.1 billion in cash. Under the agreement, Calgon shareholders will receive $21.50 per share for their stock, and the companies hope to have the deal completed before the end of 2017. Calgon CEO Randy Dearth seemed pleased with the arrangement, arguing that it delivers "premium value to our stockholders" while "making Calgon Carbon part of a much larger, stronger global company with resources to fully support our global activated carbon, filtration media, and services businesses." Some analysts believe that Kuraray overpaid in the buyout, but Calgon investors will be happy to take as much as the Japanese company wants to pay them.
Image source: Calgon Carbon.
Source: Fool.com
