P.M. BRIEFING : UAL Stock Soars Over $7 a Share
From Times wire services
CHICAGO —
UAL Corp.’s stock soared more than $7 a share this morning on speculation that the parent of United Airlines may become a takeover target.
The buying surge apparently was prompted by a report in USA Today that an investment group headed by Texas billionaire Robert Bass has acquired 2.5% to 3% of UAL’s stock.
Susan Hawkins, a spokeswoman for Bass, declined comment on the report. UAL spokesman Joe Hopkins said the company will not comment on the stock activity.
At noon on the New York Stock Exchange, UAL’s stock was trading at $146.50 a share, up $7.25 from Monday’s close. The jump followed gains of $1.75 on Monday and $15.50 last week.
