Why Northern Trust Stock Zoomed 11% Higher This Week
Very often, when a publicly traded company is the focus of takeover interest, investors are attracted to its stock. That was the case earlier this week when a media report stated that banking conglomerate Northern Trust (NASDAQ: NTRS) had been approached by a potential suitor. That juiced its shares, which, according to data compiled by S&P Global Market Intelligence, ended the week more than 11% higher in price.On Sunday, The Wall Street Journal broke the news that Bank of New York Mellon (NYSE: BK) indicated to Northern Trust that it desired a merger with the smaller banking group. This quickly made its way to the highest levels of management, as according to unnamed "people familiar with the matter," the CEOs of the two companies had at least one conversation on a potential deal. Continue reading
Very often, when a publicly traded company is the focus of takeover interest, investors are attracted to its stock. That was the case earlier this week when a media report stated that banking conglomerate Northern Trust (NASDAQ: NTRS) had been approached by a potential suitor.
That juiced its shares, which, according to data compiled by S&P Global Market Intelligence, ended the week more than 11% higher in price.
On Sunday, The Wall Street Journal broke the news that Bank of New York Mellon (NYSE: BK) indicated to Northern Trust that it desired a merger with the smaller banking group. This quickly made its way to the highest levels of management, as according to unnamed "people familiar with the matter," the CEOs of the two companies had at least one conversation on a potential deal.
