Axsys, Herley zoom up 40 pct after Reuters scoops they’re up for sale

Shares of defense company Axsys Technologies zoomed up 33 pct on March 11 11 and 12.5 pct the next day after a Reuters exclusive said the company had put itself up for sale. The company later put out a statement in response to press reports (the only press report out there was Reuters) saying it was evaluating a possible sale and that it had hired Jefferies to conduct the auction. Shares of Herley Industries Inc, a defense electronics manufacturer, rose as much as 35 percent immediately after Reuter reported on March 10 that it put itself up for sale. Helped by its announcement of results two days later, the stock gained more than 50 percent for the week.