Clean Energy Fuels Corp (NASDAQ: CLNE)
Clean Energy Fuels is having an incredibly good time today in the pre-market hours. While the stock was down in after-hours yesterday, an announcement this morning caused excitement, leading to a big spike in value. Below, we'll talk about what we're seeing from CLNE, why, and what we'll be watching for ahead.
What We're Seeing From CLNE
As mentioned above, Clean Energy Fuels didn't have the best of times in after-hours trading yesterday. However, in the pre-market today, the stock is soaring! Following an announcement made early in the wee hours of the morning, the stock started to spike in a big way. Currently (8:33), CLNE is trading at $3.16 per share after a gain of $0.71 per share or 28.29% thus far today.
Why The Stock Is Soaring
As is almost always the case, our partners at Trade Ideas were the first to alert us of the gains on CLNE. As soon as the CNA Finance received the alert, we started working to see exactly why the stock was surging upward. It felt like it took no time at all to dig up the story. The gains are ultimately the result of acquisition news.
Early this morning, Clean Energy Fuels announced that it would be acquired. The company taking over CLNE is BP. In the announcement investors learned that BP will be acquiring the company's green gas business for a total of $155 million. Of course, these proceeds will help to improve the financial stance of the company and help it to grow ahead.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CLNE. In particular, we're watching for news with regard to the company's plans for the funds raised through the sale as well as the growth that's likely to come. Nonetheless, we'll keep a close eye on the news and continue to bring it to you as it breaks!
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