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March 13, 2007
M&A helps some stocks avoid the downdraft
Been paying attention to those lists of takeover candidates? Stocks that best escaped today's market swoon are those in play. Suffering homebuilder WCI Communities (Symbol: WCI) is up 15% to a new 52-week high on a tender offer from Carl Icahn. Arizona-based real estate investment trust Spirit Finance (SFC) is up 11% and also at a new high on a takeover offer from Macquarie Bank and others. And Cadbury Schweppes ADRs (CSG) jumped 10% to a new high on news that old friend Nelson Peltz (of Wendy's and Heinz fame) purchased a small stake. Kinder Morgan Energy (KMP), going private in a few months, is also steady and hitting a new 52-week high.
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