Shares of Parlux Fragrances Inc. (NASDAQ: PARL) saw
a huge rally in trading on Tuesday after the Ft. Lauderdale, Florida-based
company agreed to be acquired by Perfumania. The company will be acquired by
Perfumania for a significant premium.
Parlux shares rose to new 52-week high of $6.60 on
Tuesday. The stock ended the day more than 70% higher on above average volume.
The rally pushed Parlux shares above their 50-day and 200-day moving averages.
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