HZON - Merger News Is Sending These 2 Stocks Soaring
2023-04-12 09:26:30 ET
The stock market has been laser-focused on two things recently: macroeconomic data and earnings reports. A favorable report on consumer prices sent stock index futures climbing sharply on Wednesday morning, with some indexes gaining more than in premarket trading.
However, other factors can also cause stocks to make big moves. In particular, when news surrounding a potential merger surfaces, it can give share prices a substantial lift. That's what shareholders in Triton International (NYSE: TRTN) and Horizon Acquisition Corp. II (NYSEMKT: HZON) are seeing Wednesday morning, although you might think that the share prices would be moving in opposite directions given the very different nature of their respective news reports.
Shares of Triton International rose more than 30% in premarket trading Wednesday morning. The Bermuda-based business concentrates on intermodal shipping containers and attracted the attention of one of the giants of the transportation and logistics sector.
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Merger News Is Sending These 2 Stocks Soaring