Filed under: Major movement, Rumors, Allegheny Technologies (ATI), Options

Allegheny Technologies Inc. (NYSE: ATI) shares are trading higher today as investors pounce on speculation that ATI may be a takeover target. One possible company mentioned as a suitor for ATI is US Steel (NYSE: X). If you think that the stock won’t fall by too much in the coming months, then now could be a good time to look at a bullish hedged trade on ATI.

After hitting a one-year high of $119.7 last April, the stock hit a one-year low of $59.00 in January. ATI opened this morning at $79.00. So far today the stock has hit a low of $79.00 and a high of $84.22. As of 1:15, ATI is trading at $83.39, up $3.39 (4.3%). The chart for ATI looks bullish and steady, while S&P gives the stock a neutral 3 Stars (out of 5) Hold rating.

Continue reading Allegheny Tech (ATI) jumps on takeover rumors

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This entry was posted on Wednesday, April 9th, 2008 at 2:07 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.