Coal giant Massey jumped 10 percent on a WSJ report that the company is weighing a takeover offer from Alpha Natural Resources, down 4 percent.
This was not a big surprise: Massey rose over 6 percent on October 19, when the WSJ said that Massey had initiated a strategic review, then rose another 5 percent on October 27 when CEO Don Blankenship acknowledged the company was exercising its fiduciary duty by looking at options to increase shareholder value.
One catalyst for a sale: Massey is engaged in an ongoing battle with the Mine Safety and Health Administration with little end in sight.
A second catalyst: commodity producers of all stripes are in play globally.
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