FMC Corp Leaps After Deal With Dupont
FMC Corp (NYSE:FMC) shares are trading higher by $9.50 (15 percent) at $71.00 in Friday's session.
The company is being rewarded for its deal with Dupont (NYSE:DD) in which it will divest a portion the company's crop protection nutrition unit for $1.6 billion, most in cash and some in working capital.
After a much higher open, FMC's stock had a quick $2.00 retreat to $69.72 before continuing its move higher. The continuation rally took it to $72.04, but has fallen back to the $71.00 area. That marks the highest level for the stock since June 23, 2014, when it peaked at $73.42.
Today's price action is taking place on much larger than average volume. With just under six hours remaining in the session, over 6 million shares have traded compare to 20-day average of only 1.2 million.
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