MDR - Why McDermott International Shares Went Up 70% Friday
Shares of energy industry construction and engineering specialist McDermott International (NYSE: MDR) surged as much as 70% on September 20; as of 12:10 p.m. EDT, shares were up more than 60%.
To explain today's jump, we must go back a couple of days. On Sept. 18, McDermott shares fell 61% on news that the company had engaged a consulting firm with a background in turnarounds, often involving bankruptcy. McDermott's stock continued to fall on Sept. 19 as uncertainty surrounding the company's ability to survive without filing for bankruptcy drove investors away.
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