Commercial Metals Company (NYSE: CMC) is one we have been following today for an explosion in trading volume on what is actually a very quiet trading day. The stock is now up 11.9% at $16.87 on 5.3 million shares. The 52-week trading range is $8.83 to $21.29 and the average volume is only about 1.8 million shares. This stock petered out just north of $17.00 in the last 30 minutes or so and we are starting to see at least some profit taking in the name.
The reason is the old “takeover chatter†but we’d also note that this is on the heels of many large funds disclosing gains and subtractions in the stock. The market cap here is a mere $1.89 billion, so it is not one of those old metals mergers that had been thrown out there with no real chance of being seen.
JON C. OGG
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