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Engineering Firm Hits 52-Week Closing High.(B)(NYSE STOCKS IN THE NEWS)
Byline: Craig Shaw
Chicago Bridge & Iron marked a 52-week closing high Thursday after consolidating for seven weeks. The construction and engineering firm has traded above its 50-day moving average the past five months. Profit has grown every year since 1997.
News wires Thursday said the firm may be in talks to buy a unit of Swiss power technology company ABB Ltd. for $300 million. Chicago Bridge said last week it received a subpoena from the Justice Department seeking documents related to the 2001 acquisition of Pitt-Des Moines's water and engineered construction divisions.
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