Tyco Up on Volume/Merger, Dollar General Picks Up
Tyco shares up on heavy volume after merger talks. Dollar General shares are up on heavy volume after earnings/share sale.
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Shares of Tyco International Ltd. (NYSE:TYC) are up staunchly today on news of a potential merger with Pentair Inc (NYSE:PNR). TYC shares launched up to $56.62 currently, which represents a 5.76% increase from the previous close and bucks the overall market selloff trend for today. Volume of 14.1M shares traded also marks a 5X increase over the average daily volume of 2.65M normally traded.
The two companies reached a deal that would have Pentair absorb Tyco’s flow-control business. That will approximately double Pentair's size to $7.7 billion and make it the largest player in its sector. The deal will greatly expand the Minneapolis-based company's lineup of valves and control systems and boost its presence in Asia, Pentair Chief Executive Randall Hogan said on Wednesday. (Article continues below chart)
Dollar General (NYSE:DG) shares finally picked up on heavy volume after a two-day sell-off from its 52-week high. It seems the recent news of beating expectations propelled the stock higher, along with news that the company is pricing 25 million shares at $45.25 today. Dollar General (NYSE:DG) reported positive sales trends at its existing stores during 2011, marking the 22nd straight year it has been able to achieve such a feat.
Dollar General Corporation operates as a discount retailer primarily in the southern, southwestern, midwestern, and eastern United States. DG shares were trading at $46.01, up 0.57% from previous close on noteworthy volume of 14.42M shares traded. That trading is nearly 9X the average daily volume.