Monday's Winners & Losers
08/27/07 - 03:19 PM EDT
TSC Staff
Chicago Bridge & Iron (CBI Quote - Cramer on CBI - Stock Picks) edged higher after the company agreed to acquire the Lummus Global business from Switzerland's ABB (ABB Quote - Cramer on ABB - Stock Picks) in a deal worth roughly $950 million.
The acquisition should close in the fourth quarter. Lummus Global provides process technologies used in the oil and gas sector and the petrochemical industry, and it's involved in the engineering, procurement and construction arena. Shares of Netherlands-based Chicago Bridge & Iron were up 0.5% at $38.37. Altria (MO Quote - Cramer on MO - Stock Picks) was on the rise following a report that the company might announce later this week that it plans to spin off its Philip Morris International cigarette business. Such a move has long been thought a possibility. New York-based Altria was gaining 2% to $70.62. Ciber (CBR Quote - Cramer on CBR - Stock Picks), a Greenwood Village, Colo., consulting firm, slipped after saying Senior Vice President and Chief Financial Officer Dave Durham will be leaving the company to take a position with StarTek (SRT Quote - Cramer on SRT - Stock Picks). Shares of Ciber were down 0.5% at $7.86. StarTek was adding 0.8%. Steel company Nucor (NUE Quote - Cramer on NUE - Stock Picks) fell modestly following the announcement that it has acquired Magnatrax for roughly $280 million in cash. Magnatrax provides custom-engineered metal building systems for the North American nonresidential construction market. Charlotte-based Nucor was down 1.7% at $54.19.
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