PPG Industries, Inc. (NYSE: PPG)
PPG Industries didn’t look like it was going to have the most eventful day in the market today. In fact, after opening the day slightly in the red, it popped to the green before falling back down. While it has seen plenty of ups and downs, for the most part, it has stayed very close to the break even point. Nonetheless, minutes ago, the stock started to soar. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for ahead.
What We’re Seeing From PPG
As mentioned above, PPG Industries wasn’t off to the most phenomenal day in the market today. In fact, the day was relatively bland. Sure, we saw plenty of movement in both the upward and downward directions, but that movement amounted to pennies, and on a stock worth more than $100 per share, pennies just aren’t worth writing home about. However, minutes ago, that all changed as the stock started to spike for the top. At the moment (1:10), PPG is trading at $1.09 per share after a gain of $8.38 per share or 8.32% thus far today.
Why The Stock Is Headed Up
As is almost always the case, our partners at Trade Ideas were the first to alert us of the spike on PPG. As soon as we received the alert, the CNA Finance team started digging to see why the stock was making the run for the top. It didn’t take long to dig up the story. Ultimately, the gains are the result of reports of a deal that’s potentially in the works.
At the moment, PPG Industries is reported to be exploring a deal with AkzoNobel. While the details of the deal are relatively unknown at the moment, the fact that the two are considering working with each other is an exciting notion for investors. As a result, the excitement is leading to the spike we’re seeing on the chart.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on PPG. In particular, we’re interested in finding out whether or not a deal will be made with AkzoNobel and what the terms of that deal will be. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks!
Update (2:41): More and more reports of the potential deal between PPG and AkzoNobel continue to surface with many rumoring that PPG Industries is willing to pay a hefty premium. While PPG has fallen a bit since its peak early after the story broke, it is still trading on decent gains. Currently the stock is trading at $106.98 per share after a gain of $6.20 per share or 6.15% thus far today. We will continue to follow the story and bring news to you as it breaks!
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