Credit Acceptance Corp. (NASDAQ: CACC)
Credit Acceptance Corp. was off to a relatively normal day in the market today. On the opening bell, the stock found itself in the green. Throughout the trading session, the stock has seen some upward movement and some downward movement, but nothing that has been too exciting. That is, until minutes ago, when the stock started to spike downward. Below, we’ll talk about what we’re seeing from CACC, why, and what we’ll be watching for ahead.
What We’re Seeing From CACC
As mentioned above, Credit Acceptance Corp. was having a relatively normal day in today’s trading session. While the stock was in the green for most of the day, it had seen some ups and some downs. Nonetheless, nothing was anything worth writing home about. However, that all changed minutes ago when the stock started spiking downward in a big way. Currently (12:42), CACC is trading at $207.00 per share after a loss of $2.13 per share (1.02%) thus far today.
Why The Stock Is Falling
As soon as our partners at Trade Ideas let us know that CACC was dropping like a bag of rocks, the CNA Finance team decided it was time to do some digging. It didn’t take long to uncover the story surrounding the drop, and unfortunately, it’s not good. It seems as though investors are reacting to a hit piece a research firm wrote about the company.
Minutes ago, Prescience Point LLC, a company that focuses on forensic financial research in an attempt to uncover companies misleading or defrauding investors, released a new piece. Unfortunately, that piece was about Credit Acceptance Corp., making heavy claims and causing instant concerns among investors.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching CACC closely. In particular, we’ll be watching the news surrounding the piece written by Prescience Point LLC as well as the company’s reaction to it. We’ll keep a close eye on the news and bring you the updates as they break!
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