STMP - Why Pitney Bowes Stock Is Soaring Today
Shares of Pitney Bowes (NYSE: PBI) climbed as much as 20% on Friday in an apparent reaction to a private equity buyout of one of the company's rivals, Stamps.com (NASDAQ: STMP) . That company is being acquired at a substantial premium, leading investors to reconsider Pitney Bowes' valuation.
Pitney Bowes is a 100-year-old shipping company, best known for its classic postage meters. But in recent years it has shifted to digital shipping services, including customer information management and mailings for e-commerce. It made that shift, in part, due to the disruption in the business by Stamps.com.
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Why Pitney Bowes Stock Is Soaring Today