Why Legg Mason, Franklin Resources, and Front Yard Residential Stocks All Just Popped More Than 10%
Shares of Legg Mason (NYSE: LM) stock just jumped 23.6% (as of 10:40 a.m. EST on Tuesday), and Franklin Resources (NYSE: BEN) stock is up 6.3%. No surprise there. The two financial powerhouses just announced that they will be merging to create a "$1.5 Trillion AUM [assets under management] global investment manager," and investors like that news a lot.
But why is Front Yard Residential (NYSE: RESI) moving higher as well -- up 10.9% -- when it has no relation to this merger whatsoever?
Answer: Because Front Yard Residential is undergoing a merger of its own.
Source Fool.com
