|
CHARLOTTE, N.C. (AP) - Hughes Supply Inc. stock rose Tuesday after the distributor of construction supplies implied that it is looking at an offer to buy the company. Hughes Supply also raised its third-quarter earnings forecast late Monday.
Shares of the Orlando, Fla.-based Hughes rose $3.85, or 12 percent, to $37.31 in afternoon trading on the New York Stock Exchange. Earlier, the stock hit $38.15, above the 52-week high of $34.51 set Nov. 29.
The announcement of a review of "strategic alternatives," which generally means that a company is looking for a buyer or considering an offer, follows speculation that Atlanta-based Home Depot Inc. has made a bid for the company, Robert W. Baird analyst David Manthey said in a note to clients.
|