Profit-Taking In ICU Medical Following Deal With Pfizer

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ICU Medical, Incorporated ICUI shares are trading higher by $11 at $136.96 in Thursday's session. The Street is showing its approval of the purchase of Hospira Infusion Systems Unit from Pfizer Inc PFE for $1 billion in cash and stock.

However, some investors have chosen to sell the news and take profits on the issue as it soared to a new all-time high. In fact, its former high from August 9 ($128.93) was improved on a wide margin.

Following a sharply higher open ($141.75 vs. Wednesday's close of $125.96), the issue blew the early short out of the water as it quickly moved to $146.76 before sharply reversing course.

After slicing through the opening price, which may have been an exit for aggressive traders trying the long-side or trigger another round of shorting for those so inclined, it has fallen as low as $135.27.

At this time, it's attempting to mount a rebound, but so far the rebound has been capped at $138.21.

Today's price action is taking place on much higher than average volume as 520,000 shares have traded only 40 minutes into the session. The 20-day average volume for the issue is only 99,200 shares.

Posted In: TechnicalsIntraday UpdateMoversTrading Ideas
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