Casey's General Stores Spiking On Phil Goldstein's Appearance On Strategy Session (CASY)

Phil Goldstein who runs Bulldog Investors, an activist fund, disclosed that he is targeting Casey's General Stores (NASDAQ: CASY) to try to push for a buyout of the company, which had previously turned down a $43/per share offer, saying that it substantially undervalued the enterprise. The disclosure came during an appearance on CNBC's Strategy Session. CASY immediately spiked up on the news, and was trading more than 4% higher, but has since pulled back.

The shares are currently 3.14% higher at $37.10. CASY released disappointing earnings on March 7, and the stock has been under pressure since. Prior to this report, the shares were trading above $41. Goldstein said that he believes this is just a short-term blip for the company.