Why Covanta Holding Corporation Stock Popped Today

Shares of New Jersey-based waste management company Covanta Holding (NYSE: CVA) are up 10.4% as of 11 a.m. EDT on rumors of a reported buyout.

As TheFly.com reported this morning, the Dealreporter.com website is citing "four sources familiar with the situation" that say Covanta has retained Bank of America to advise it on a potential sale.

A "handful of financial buyers, including infrastructure funds," are reportedly considering buying Covanta, says Dealreporter, and the bidding is already in "the middle of the second round."

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Source Fool.com