Shares of Smith & Nephew Rally Amid Rumor of Strker Bid

Smith & Nephew plc SNN Shares have spiked up almost 13 percent in Wednesday's pre-market session following a Tweet by The Financial Times Ed Hammond. The Tweet is indicating that Stryker Corporation SYK may be preparing a bid to acquire Smith & Nephew.

Scoop: Stryker preparing bid for Smith & Nephew - story to come

— ed hammond (@EdHammondNY) May 28, 2014

Styker shares are also getting a bump of over 6 percent in today's pre-market in reaction to this news and are currently trading around the $85.50 mark. Additionally, Shares of Smith & Nephew are currently trading near the $89 mark after reaching a high of $93.24.