P.M. BRIEFING : UAL Stock Soars in Takeover Rumor
UAL Corp. shares soared today on growing speculation that the company, parent of United Airlines, may be an acquisition target.
UAL, up $35 in the past three weeks, rose another $13 to $165.50 and was the second-most heavily traded issue on the New York Stock Exchange. Some traders cited televised comments by financial reporter Dan Dorfman on Thursday that he believes UAL will be taken over or restructured. The gains and recent heavy volume in UAL suggest that the stock is under accumulation, they said. But no bidders have stepped forward.