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Stock Alert: Pine Island Acquisition Rises To New 52-week High

Shares of Pine Island Acquisition Corp. (PIPP), a special purpose acquisition company, are climbing more than 14 percent or $1.83 in Thursday's morning trade at $14.30, after hitting a new 52-week high of $14.93 despite no company-centric news.

U.S. stocks are higher on Thursday amid optimism about additional fiscal stimulus as President-elect Joe Biden is expected to unveil a major relief package later today. A report from CNN citing two people briefed on the deliberations said the price tag for the package is expected to be in the ballpark of $2 trillion.

Pine Island Acquisition has traded in a range of $9.95 to $14.93 in the past 52 weeks.

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