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Fly News Breaks for October 28, 2015
CBI
Oct 28, 2015 | 07:55 EDT
JPMorgan analyst Jeffrey Volshteyn says Chicago Bridge & Iron's sale of its nuclear construction business to Westinghouse removes a "big overhang" on the stock and will allow management to focus its resources on the core LNG, petrochemical and power businesses. However, the sale price is "significantly lower" than what the analyst would expect for this type of business. The stock is likely to rally on the news, though, as the unit has been the main source of controversy, Volshteyn tells investors in a research note. He keeps an Overweight rating on the name.
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