Why Cabela's, Fitbit, and AbbVie Jumped Today
The stock market was mixed on Thursday, with the major U.S. indexes closing the session almost flat. Concerns about the damage Hurricane Irma will inflict when it hits the Florida coast this weekend continued to weigh on certain sectors, but a moment of bipartisanship in Washington made generated some optimism about the potential for progress on the White House's domestic agenda later this year. Some individual stocks also delivered good news for investors, and Cabela's (NYSE: CAB), Fitbit (NYSE: FIT), and AbbVie (NYSE: ABBV) were among the best performers on the day. Below, we'll look more closely at these stocks to tell you what propelled their gains.
Cabela's stock jumped 14.3% after the retailer got positive news on the regulatory front related to its proposed merger with outdoor gear peer Bass Pro Shops. The Federal Reserve approved the sale of Cabela's credit card division to Synovus Financial (NYSE: SNV), which was the last obstacle in the way of the larger merger transaction. The stock's move brings its price to within $1 of the proposed $61.50 per share in cash that Cabela's shareholders are slated to receive under the terms of the agreement. Many watchers now expect the deal to get completed before its initial deadline in early October.
Image source: Cabela's.
Source: Fool.com
Synovus Financial Corp. Stock
The stock is one of the favorites of our community with 30 Buy predictions and 1 Sell predictions.
As a result the target price of 40 € shows a slightly positive potential of 7.53% compared to the current price of 37.2 € for Synovus Financial Corp..
