Cameco Corp (NYSE: CCJ)
Cameco Corp wasn't having a great day in the market today by any means. In fact, after starting the day in the red, the stock simply continued down the same path further and further into the abyss. However, minutes ago, the direction seemed to reverse as a potential sale started to hit the wire. Below, we'll talk about what we're seeing, why, and what we'll be watching for ahead with regard to CCJ.
What We're Seeing From CCJ
As mentioned above, today wasn't off to the best of trading sessions for Cameco Corp by any means. When the opening bell rang, the stock was already trading slightly red. From there, it didn't take long for the stock to fall further and further into the losses. Nonetheless, minutes ago, things started to change as the stock started working its way up. While it hasn't made up for all the losses seen early on, it is making a dent. Currently (1:03), CCJ is trading at $10.80 per share after a loss of $0.06 per share or 0.60% thus far today.
Why The Stock Is Rec overing
As is almost always the case, as soon as the reversal started, our partners at Trade Ideas sent the alert to let us know that we had movement afoot. From there, the CNA Finance team started working to see why the stock was making a run up. It didn't take long to dig up the story. It seems as though the gains are the result of a potential sale to come.
In a report that just broke on Reuters, investors learned that Cameco Corp is in the process of exploring the sale of its United States Uranium production facility. At the moment, the exploration process is still in the beginning phases and no potential prices have been released just yet. Nonetheless, the sale could return strong value for shareholders if it did happen.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CCJ. In particular, we're interested in learning whether or not the company does decide to sell its United States Uranium Production facility, and if so, at what price. Nonetheless, we'll be watching the story closely and bringing the news to you as it breaks!
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