Exponential Volume Spike: Nova Chemicals (NCX)

Posted in General 
February 23rd, 2009

Nova Chemicals Corp. (NYSE: NCX) is seeing an exponential price gain today on an exponential volume spike.  The company is being acquired by International Petroleum Investment Company for US$6.00 per share in a deal valued at roughly $2.3 billion if you include the debt.  FULL DETAILS at 24/7 Wall St.

Nova’s stock is up a whopping 300% at $5.38 as of $10:40 AM EST.  Its 18+ million shares that have traded hands this morning is about 10-times its average daily volume.  And that is after just over an hour of trading.

Jon C. Ogg
February 23, 2009

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