Shares of Panera Bread Co. soared to a record high in midday trade Monday, after Bloomberg reported that the fast-casual restaurant chain was exploring a possible sale. The stock was trading up about 1.2% just before noon ET, then shot up as much as 12% in intraday trade, before paring some gains to trade up 10%. Panera is working with advisers to study its options after receiving takeover interest, Bloomberg reported, citing people with knowledge of the matter. The company’s current market capitalization is $6.48 billion, according to FactSet. The stock has soared 40% year to date, while the S&P 500 has gained 4.8%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News