Anthem (ANTM) Stock: Takes A Dive On Cigna (CI) Suit On Merger Termination

Anthem (NYSE: ANTM) | CIGNA Corporation (NYSE: CI)

Anthem was having a relatively normal day in the market. After starting the day off slightly in the green, the stock fell to the red, climbed to the green, and repeated. However, none of the movement was worth writing home about. That is, until minutes ago when the stock started to spike downward. Below, we’ll talk about what we’re seeing from ANTM, why, and what we’ll be watching for ahead.

What We’re Seeing From ANTM

As mentioned above, Anthem was having a normal day in the market today. While the stock saw plenty of upward and downward movement, nothing was too exciting. That is, until minutes ago when the stock started to take a dive. At the moment (2:55), ANTM is trading at $162.20 after a loss of $1.32 per share or 0.81% thus far today.

Why The Stock Is Falling

As is almost always the case, our partners at Trade Ideas were the first to inform us of the declines on ANTM. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. It didn’t take long to uncover the story. The declines are the result of a broken merger and a resulting legal case.

At the moment, news is breaking that Anthem has decided to cancel the merger with Cigna. As a result, Cigna has decided to sue the company. They are seeking $1.85 billion as a break fee as well as damages of more than $13 billion!

What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be keeping a close eye on both CI and ANTM. In particular, we’re watching for more news with regard to the breaking merger story. Nonetheless, we’ll keep our eyes peeled and bring the updates to you as they break!

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