Chicago Bridge & Iron Company N.V. (NYSE:CBI)

Shares of Chicago Bridge & Iron Company N.V. (NYSE:CBI) have rallied by 15.4% in morning trading after the company announced that it will sell its nuclear construction business to Westinghouse Electric for $229 million in cash.

CB&I anticipates incurring a non-cash after tax charge of $1.0 billion-to-$1.2 billion due to the impairment of goodwill among other factors. In conjunction with the news of the deal, CB&I also released its preliminary third quarter results, in which the company expects to realize revenues of $3.3 billion and adjusted net income per share of $1.54 per share. Hedge funds are bullish on CB&I. 26 funds of the 730 or so elite funds we track reported stakes worth $1.11 billion in the company, accounting for 20.40% of the float, at the end of June, down slightly from 28 funds with $1.24 billion in shares at the end of March. Warren Buffett‘s Berkshire Hathaway owned 9.33 million shares of Chicago Bridge & Iron Company N.V. (NYSE:CBI) at the end of June.