Energy market services provider Chicago Bridge & Iron (CBI) jumped another 10% in early market trading Wednesday after the company's stock spiked nearly 40% in the previous session following a favorable ruling by the Delaware Supreme Court.
CBI shares were up 11.69% to $22.36 in morning trading.
The court ruled that the company does not owe $2 billion to Westinghouse Electric Co. LLC related to its Dec. 31, 2015, purchase of Chicago Bridge's subsidiary CB&I Stone & Webster Inc., which builds nuclear power plants.
"We are very pleased with the Delaware Supreme Court's decision, which vindicates our position that Westinghouse's $2 billion claim was without merit under the (purchase) agreement," CB&I's CEO Philip K. Asherman said in a company statement.
What's Hot On TheStreet
The stock market may be overvalued: Now may be the time to pay extra attention to red-hot tech stocks such as Apple (AAPL) - Get Apple Inc. Report and Facebook (FB) - Get Meta Platforms Inc. Class A Report . As TheStreet first reported Tuesday afternoon, asset valuations are somewhat "rich" by standard metrics, Federal Reserve Chair Janet Yellen said in London during a conversation about economic issues with British Academy President Lord Nicholas Stern. Yellen's comments on equity valuation and bank strength closely mirrored Fed Vice Chairman Stanley Fischer's from an IMF event held earlier in the day.
The iPhone has changed how you make money: TheStreet's Scott Gamm is out with a piece that will really get you thinking. Apple's iPhone will turn 10 years old on Thursday. The device not only turned Apple into one of the world's most valuable companies, helping to boost its stock price more than 700%, it also changed the way we invest and trade stocks Gamm points out.
In fact, the original iPhone -- and the current versions -- have an internal stocks app, allowing users to check the broader market indexes and individual stock prices. Having this in your pocket was a big deal 10 years ago.
"I think it's actually made the life for a typical investor much easier," Angelo Zino, an analyst with CFRA Research, told TheStreet. "I think they've been able to tap news flows much quicker."
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