Investors Jump Into Foster Wheeler (FWLT) Before It Splits

Shares of Foster Wheeler (Nasdaq: FWLT) are up more than $5 today, or about 3.5%, despite no recent news. Foster Wheeler's stock has hit a new 52-week high today at $168.74 and appears to be benefiting from investors getting into the stock before it splits next week on January 8. The 2-for-1 stock split was announced on November 7, 2007.

Foster Wheeler was highlighted yesterday on CNBC's Squawk On The Street when a fund manager from Keeley Asset Management called the stock his "top pick". Mark Keeley, vice president of the investment group, noted that Foster Wheeler was up more than 100% throughout 2007 and should continue to rise as the Company continues to get new business -- it just recently announced a major contract in Australia for the liquid natural gas market.

Mr. Keeley also mentioned Citigroup's $192 pre-split price target on Foster Wheeler. Such a target would mean shares of Foster Wheeler would have to move up about $15 in just two days of trading.

Coincidentally, at the time of this interview, Jim Cramer, who loves Foster Wheeler, happened to be acting as a guest host on the Squawk. Cramer was extremely excited to have on a guest that was behind the stock, despite it being at a 52-week high. Cramer pointed out that Foster Wheeler has a great amount of exposure in the Middle East and could be viewed as a way to play the current weak U.S. economy.

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