Shares of Courier Corporation (CRRC) are up 19.39% after hitting a new 52-week high Tuesday, surpassing their previous high of $23.37 set on January 16, 2015. That’s a 108% rise, or $12.14 per share from the 52-week low of $11.23. The gains are attributed to the company’s confirmation of an unsolicited proposal from R.R. Donnelley & Sons (RRD) to acquire Courier for $23.00 per share.
CRRC is currently trading up $3.91 to $23.32, printing a one-year return of 21% and year-to-date return of 31%, outperforming the S&P 500 by 16.24%. The average volume of shares traded over the last three months is roughly 50K shares vs 1.11 million today.
Corning Inc. (GLW) shares gained nearly 4% in late trading to touch a new 52-week high of $24.98, surpassing their previous high of $23.91 set on January 26, 2015. That’s a 50.93% rise, or $8.43 per share from the 52-week low of $16.55. Corning Inc today reported better-than-expected fourth-quarter results. EPS climbed 55% to $0.45, beating forecasts by 7 cents a share. It was the company’s fourth quarter of accelerating earnings growth.
Revenue increased 30% to $2.6 billion vs. analyst consensus for $2.5 billion. GAAP sales were $2.4 billion.
“We are entering 2015 with momentum,” CFO James Flaws said in a statement.
Corning Inc., currently valued at $31.92B, has a median Wall Street price target of $22.00 with a high target of $27.00. Approximately 12.08M shares have already changed hands, compared to the stock’s average daily volume of 8.03M.
Allete, Inc. (ALE) shares were up 0.78% in late trading Tuesday to reach a new 52-week high of $59.73, as investors reacted to the company announcement that it plans to acquire US Water Services, an integrated water management company, for $168 million.
Allete said U.S. Water generated $120 million in revs during 2014, and Allete projects future revenue growth of 10% to 15% annually. Allete expects the acquisition to provide long-term earnings growth and diversity, and have no material impact on 2015 earnings per share.
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