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Why did BMIs stock price increase

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Reference no: EM132793516

Question - Here's an excerpt from an article that appeared in The Wall Street Journal dated March 19, 2011: "BMI Corp. adopted yesterday a new accounting rule on post-retirement health benefits, resulting in a first-quarter charge of $2.3 billion, or about $4 a share... The accounting charge doesn't affect the company's operating results, but will result in a historical curiosity: BMI's first ever quarterly loss... In composite trading on the New York Stock Exchange yesterday, BMI shares closed at $113.875 a share, up $3."

Why did BMI's stock price increase given that the previous day was a mundane day in terms of news about the company, the industry, and the economy?

Reference no: EM132793516

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