Fortune Brands Shares Spiking This Afternoon (FO)
By David Lipton
November 12, 2010 4:17 PM
November 12, 2010 4:17 PM
Shares of Fortune Brands (NYSE: FO) are spiking this afternoon on large volume as unconfirmed takeover speculation caught the ears of speculators.
Fortune Brand's shares are up .80 or 1.5% to 55.50.
If Fortune shares can make it through 55.50 upside momentum could carry the price higher.
Sources close to the situation state Bill Ackman and the company have been in talks, Ackman is still pushing for a breakup of the company's spirits, golf equipment and home hardware businesses
Options traders drove the November to 30 as trades purchased the November 60 and December 60 calls. Volume of 1300 calls vs. 700 puts have traded.
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