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MDP - Why Meredith Stock Was Skyrocketing Higher Today
Meredith Corporation
Shares of Meredith Corporation (NYSE: MDP) shot through the roof Friday, surging as much as 31.1%. As of 12:43 p.m. EDT, the stock was trading 26.1% higher.
Reports emerged late yesterday that the magazine publisher was in advanced talks to be acquired by IAC/InterActiveCorp (NASDAQ: IAC) in a deal valued at $2.5 billion. This was according to The Wall Street Journal , who cited the oft-quoted "people familiar with the situation.