Why Coherent Stock Blasted 8% Higher on Friday
Optical technology specialist (NYSE: COHR) was a hot item on the stock exchange Friday. The company's share price zoomed more than 8% higher that day, thanks to a media report about a potential large-scale investment in one of its businesses.
Coherent's gain happened on a generally downbeat day for the market, with the S 500 index sliding by 0.2%.
Reuters published an article stating that four Japanese companies -- Denso, Hitachi, Mitsubishi, and Sumitomo -- are interested in taking a minority stake in Coherent's silicon carbide unit.
Source Fool.com
