CIGNA (CI) Stock: Spiking As ANTM Merger May Be Blocked

CIGNA Corporation (NYSE: CI)

CIGNA wasn’t off to the best of days in the market today. In fact, the stock was trading well into the red when the trading session opened. Through the morning, it eventually made it back up to the breakeven point, only to lay flat for a while and then start falling again. However, minutes ago, the stock started spiking upward in a big way. Below, we’ll talk about what we’re seeing from CI, why, and what we’ll be watching for ahead.

What We’re Seeing From CI

As mentioned above, today wasn’t looking like it was going to be a great one for CIGNA early on in the session. Unfortunately, the stock started the day in the red, and while it fought to get back to the breakeven point, it seemed as though it was destined to land red for the day. That is, until minutes ago when the stock started spiking. Currently (10:53), CI is trading at $145.65 per share after a gain of $3.89 per share (2.74%) thus far today.

Why The Stock Is Headed Up

Our partners at Tradespoon were the first to inform us of the spike on CI. As soon as they did, the CNA Finance team started digging to see what was causing the movement. In this case, the answer to our question was found on Twitter. At the moment, the merger between CIGNA and Anthem looks like it may hit a snag.

A message on Twitter pointed out that the New York Post says that it sees the merger being blocked. While many agreed with the merger, many were against it as well. Nonetheless, it’s not over until the figurative fat lady sings, and we’re nowhere near that point just yet.

What We’ll Be Watching For Ahead

Moving forward, the CNA Finance team will be watching the story surrounding the potential merger between CI and ANTM incredibly closely. While it looks like it may have hit a snag, nothing is final quite yet. We’ll be watching the news closely and bringing it to you as it breaks!

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[Image Courtesy of Geograph]

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