Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Investors of pet food and canned-fruit specialist Del Monte Foods
So what: One source close to the situation said that the two sides are batting around a price of $18.50 a share, which represents an 18% premium to yesterday's close. The pet food industry, where Del Monte derives about half of its business, has been in consolidation mode, with consumer-goods giants Nestle and Procter & Gamble
Now what: When you make a quick double-digit gain on takeover rumors, taking at least some money off the table seems prudent. Including today's surge, shares of Del Monte are up more than 30% over the past three months alone. With quality rivals Dole
Interested in more info on Del Monte? Add it to your watchlist.
Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Procter & Gamble is a Motley Fool Income Investor pick. The Fool owns shares of and has written covered calls on Procter & Gamble. Try any of our Foolish newsletter services free for 30 days.
True to its name, The Motley Fool is made up of a motley assortment of writers and analysts, each with a unique perspective; sometimes we agree, sometimes we disagree, but we all believe in the power of learning from each other through our Foolish community. The Fool's disclosure policy always gets a perfect score.