The Hot Stock: Reynolds American Tops S&P 500 With 14% Gain
October 21, 2016 at 16:36 PM EDT
Reynolds American ( RAI ) topped the S&P 500 today after receiving a bid from British American Tobacco ( BTI ) that values the stodgy tobacco stock at $$56.50 a share. Shares of Reynolds American soared 14% to $53.78 today, while the S&P 500 finished little changed at 2,141.16. Cowen's Vivien Azer and Aaron Grey call the "multiple offered for Reynolds American quite compelling." They explain why:
