Both Estee Lauder and Coty were off to a relatively normal start to the day today. That is, until minutes ago when the stocks started to skyrocket. Today, we’ll talk about what we’re seeing from the stocks, why, and what we’ll be watching for with regard to EL and COTY ahead.
EL And COTY See Strong Spikes
As mentioned above, both Estee Lauder and Coty were off to a normal start in the market. Both stocks have seen red and green in the trading session thus far today. However, minutes ago, they both started to skyrocket. Currently (9:58), EL and COTY are trading at $78.23 and $19.07 respectively. This comes after respective gains of $0.02 per share (0.03%) and $0.52 per share (2.80%) thus far today.
Why We’re Seeing The Gains
As soon as we noticed the spike on EL and COTY, the CNA Finance team sprung into action to see exactly what was going on. While there was no fundamental news released, we believe that we found the reason for the gains in social chatter.
Searching through the social realm, we found the rumor that’s sending Estee Lauder and Coty upward. According to the rumor, both of these companies are targets for a L’Oreal acquisition. Keep in mind that these are just rumors at the moment and nothing has been confirmed quite yet.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on EL, COTY, and L’Oreal. Keep in mind that, in the case of rumors, anything can happen. Nonetheless, we’ll bring you the news as it breaks!
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[Image Courtesy of Wikimedia]