Why Fiat Chrysler Automobiles, Neff, and Snap Jumped Today
Monday saw a strong start to the week for the stock market, as major benchmarks moved to regain part of the ground they lost last week. Investors took the weekend to get some perspective on the state of affairs on the geopolitical front, and they apparently concluded that their concerns over North Korea and other potential global hot spots were overdone. Some market participants looked at the rebound as being less than completely robust, but that didn't stop the Dow and S&P 500 from moving higher by half a percent or more from Friday's closing levels. Several individual stocks did even better, and Fiat Chrysler Automobiles (NYSE: FCAU), Neff (NYSE: NEFF), and Snap (NYSE: SNAP) 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 Fiat Chrysler Automobiles gained 8.5% on reports that the automaker had received a potential acquisition bid from a Chinese industry peer. Fiat Chrysler reportedly turned down the offer because it wasn't high enough, but the stock's move indicates that shareholders could be willing to consider better offers. Today's gains sent Fiat Chrysler to new all-time highs since emerging from bankruptcy, and that's a far cry from the weaker performance that its two main U.S. peers have seen recently. Yet some remain worried about Fiat Chrysler's debt, and an acquisition would be an easy exit strategy for shareholders sitting on substantial gains.
Image source: Fiat Chrysler.
Source: Fool.com
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