Why Sprint, Chicago Bridge & Iron, and Bob Evans Farms Jumped Today
Tuesday was another modestly positive day on Wall Street, as major benchmarks again generally finished with slight gains that continued their upward trend so far in 2017. A lot of attention was focused on President Trump's speech at the United Nations in New York, which reiterated the White House's viewpoint about the threat that North Korea poses to the world. Elsewhere, this week's two-day meeting of the Federal Open Market Committee policymaking body began, and most investors expect no change in rates now but an additional rate hike to come before the year ends. Helping to lift major indexes were several high-profile stocks with substantial gains. Sprint (NYSE: S), Chicago Bridge & Iron (NYSE: CBI), and Bob Evans Farms (NASDAQ: BOBE) 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 Sprint rose 7% as reports once again raised the possibility that the wireless service provider would pursue a potential merger with rival T-Mobile US (NASDAQ: TMUS) that would join the No. 3 and No. 4 domestic players in the industry. Sprint has often talked about joining forces with T-Mobile, but in the past, federal regulators have been loath to allow further consolidation in the sector. With T-Mobile having surpassed Sprint in terms of market share, it's uncertain whether T-Mobile would want to move forward. Yet with both companies potentially gaining from a deal, it's fair for conversations to continue even if they won't necessarily yield a quick resolution.
Image source: Sprint.
Source: Fool.com
