The Independence Day holiday had to have been especially jubilant at Chicago Bridge & Iron.
A June 28 court decision on an appeal to the Delaware Supreme Court electrified investors in the company’s stock (NYSE: CBI), boosting the price from $12.91 to $23.08 before falling below $20 on June 30. The overall gain stuck short sellers with sizable paper losses. Previously, some investors believed the company, based in The Woodlands, Texas, was headed for big financial trouble.