Why Getty Images and Shutterstock Stocks Exploded Today
Image library companies Getty Images (NYSE: GETY) and (NYSE: SSTK) are merging, sending shares of both companies soaring in morning trading Tuesday.
As of 10:15 a.m. ET, Getty stock is up a solid 24.5%, with Shutterstock gaining a nearly as impressive 22.5%.
The companies announced their plans to merge to create "a premier visual content company" early this morning, saying they expect a merger to cut out between $150 million and $200 million in unnecessary costs within three years, and to begin boosting combined earnings and cash flow in Year 2.
Source Fool.com
