Markets have so far emerged from yesterday’s lull with a renewed since of confidence. Every major index is up so far in the day’s trading, with the Dow Jones leading the way.
This follows an overnight international session that showed strong growth across many national indexes. Continuing confidence in macroeconomic indicators appears to be fueling the run up.
Today’s Top Performer involves an acquisition. Typically, acquisition plays appear in our Top Performer Reports when a larger company buys a smaller company’s stock at a premium that’s very profitable to NQ users. But today is a bit different—this company doubled on news of who it plans to acquire.
Spar Group is a leading international provider of retail merchandising technology and associated marketing offerings. Based in New York, SGRP has a large market share in Africa and South America; they are seeking to expand their domestic footprint.
To that end, this morning, they announced plans to acquire a controlling 51% interest in a collection of related Florida Companies: Resource Plus Inc., Mobex, and Leasex. All three entities (collectively “Resource Plus”) operate in the marketing-fixture installation space, the same as SGRP. For its part, Resource Plus is hoping that SGRP’s advanced online retailing system will enable newfound operational intelligence.
Investors piled into SPAR on heavy volume, driving the stock to gains over 100% at the time of this writing. These gains astonishing for acquisition news and had shot out even higher (just above 200%) before pulling back to their current level.
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