Hartford Financial Services Group Inc (NYSE: HIG)
Hartford Financial Services Group is having an incredibly interesting day in the market today. When the opening bell rang, the stock was already trading deep in the red. However, it quickly recovered, making its way to the green. From there, it bounced around a bit before falling back to the red. Nonetheless, minutes ago, the stock started to spike, quickly making it to the green again. Below, we'll talk about what we're seeing from HIG, why, and what we'll be watching for with regard to the stock ahead.
What We're Seeing From HIG
The movement we're seeing on Hartford Financial Services Group is interesting to say the least. While the stock was in the red at the open, it quickly made it to the green. From there, we saw movement in both directions until another spike downward came, bringing it into the red. Nonetheless, minutes ago, it started to work its way up in a big way, quickly making it to the green yet again. At the moment (11:05), HIG is trading at $48.52 per share after a gain of $0.01 per share or 0.03% thus far today.
Why The Stock Is Spiking
As is usually the case, our partners at Trade Ideas were the first to inform us of the gains on HIG. As soon as the CNA Finance team saw the alert, we started working to see why the stock was spiking upward. It didn't take long to dig up the cause. While the company hasn't released any fundamental news that would lead to such gains, we did find an interesting rumor.
At the moment, all over the realm of social media, we're seeing the rumor surrounding Hartford Financial Services Group. That rumor is that the company will soon be taken over. Now, this rumor is incredibly vague. There is no suggestion as to what price the takeover will happen at nor who the buyer is. Given the vagueness, we're not expecting there to be any validity to this rumor.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on HIG. In particular, we're interested in learning if there is any validity to this rumor. If so, it could return incredible value to shareholders, but as mentioned above, we're not getting our hopes up. Nonetheless, we'll be watching the story closely and bringing it to you as it breaks!
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