Why Steelcase Stock Jumped as Much as 15% Today
Shares of office furniture maker Steelcase (NYSE: SCS) rallied strongly in morning trading on Sept. 17, rising as much as 15% by around noon EDT. Although the stock gave back a little bit of that gain, it was still higher by around 11% at roughly 2 p.m. The rise had very little to do with Steelcase, directly speaking, anyway.
The big news that got investors excited about Steelcase actually came out of office furniture peer Herman Miller (NASDAQ: MLHR). At 2 p.m. Herman Miller's stock was higher by an incredible 33%. Basically, Steelcase just went along for the ride, which is the real story here.
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Source Fool.com