Tyco Spike (TYC)

Posted in pre-market 
July 10th, 2008

Tyco International Ltd. (NYSE: TYC) is seeing a rather large amount of interest right before today’s open, although this may be a skewed interest.  The culprit is another $1 Billion being added to its stock buyback plan.

The actual move may be somewhat misleading as it appears that a trader hit the buy button on his keyboard a bit too fast.  The last print was at $40.86 but as of 9:19 AM EST we have seen only 600 trade hands.  This is misleading because the actual bid/ask levels are $39.26 X $39.98.

Its 52-week trading range is $31.01 to $51.89.  For a size comparison Tyco had 2007 revenues of more than $18 Billion and its market cap is about $18.7 Billion.  It’s hard to tell where this will really open today, but its close yesterday was $38.88 and its trading range over the last 5 days is $38.35 to $40.44.

Jon Ogg
July 10, 2008

Leave a Reply

You must be logged in to post a comment.

-->