Hartford Financial Services Group Inc (NYSE: HIG)
Hartford Financial Services Group was off to a relatively normal day in the market today. When the opening bell rang, the stock was slightly in the red. From there, the stock quickly recovered, making it green. Since then, we’ve seen a continuation of slow, yet steady movement upward. However, minutes ago, that slow movement turned into a mad dash as the stock spiked upward. Below, we’ll talk about what we’re seeing from HIG, why, and what we’ll be watching for ahead.
What We’re Seeing From HIG
As mentioned above, Hartford Financial Services Group was off to what seemed to be a normal start to today’s trading session. When the opening bell rang, the stock was trading slightly in the red. However, it didn’t take very long to recover. Since then, we’ve seen a continuation of gains at a relatively slow pace. Nonetheless, minutes ago, things changed as the stock started spiking upward. Currently (10:47), HIG is trading at $48.99 per share after a gain of $0.45 per share (0.93%) thus far today.
Why The Stock Is Spiking
As soon as our partners at Trade Ideas alerted us that HIG was making a run for the top, the CNA Finance team started digging to see exactly what was causing the movement. It didn’t take long to dig up the story in this case. While the company has not released any fundamental news that would lead to such gains, we were able to find an interesting rumor in the social space.
At the moment, regardless of which social network happens to be your favorite, if you do a search for Hartford Financial Services Group, chances are that you’ll find the rumor. It is that the company is being taken over. In this case, the rumor even names Chubb (CB) as the potential buyer. However, the rumor has not been confirmed from either side as of yet.
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. After all, if the company is acquired, tremendous value would likely be returned to shareholders. Nonetheless, we’ll keep a close eye on the news and bring it to you as the story continues to unfold.
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[Image Courtesy of Flickr]