Reuters exclusively reports Applied Signal auction; shares surge to 5-year high

Shares of Applied Signal Technology jumped 13 percent to their highest level since February 2005 after Reuters broke the news on Oct 22 that the cyber-security company had hired Bank of America to put the company up for sale. Applied Signal issued a statement 8 hours later, confirming the Reuters report. The Wall Street Journal picked up the story, attributing the stock`s jump to the Reuters report. Bloomberg was unseen. People familiar with the matter also told Reuters that almost every major defense contractor including BAE Systems, Lockheed Martin, Northrop Grumman, Raytheon, Boeing are expected to take a look at Applied Signal. Picture: Applied Signal stock chart