Syngenta AG (ADR) (NYSE: SYT)
Syngenta was off to what looked like a relatively normal day in the market today. When the opening bell rang, the stock was trading in the green. From there, the stock took a bit of a dive, but never made it to the red. In fact, minutes ago, it completely reversed direction and started spiking. Below, we’ll talk about what we’re seeing from SYT, why, and what we’ll be watching for ahead.
What We’re Seeing From SYT
As mentioned above, Syngenta was off to a relatively normal start to the trading day today. When the market opened for today’s trading session, the stock was trading in the green. From there, the stock started to correct. However, minutes ago, things changed as it started to head for the top. Currently (9:51), SYT is trading at $86.66 per share after a gain of $1.14 per share or 1.33% thus far today.
Why The Stock Is Climbing
As is almost always the case, our partners at Trade Ideas were the first to inform us of the spike on SYT. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. While we were unable to find any fundamental news that would generate such large gains, we were able to find something interesting in social.
At the moment, there’s a rumor surfacing surrounding Syngenta. That rumor is that the EU is currently preparing to clear Chemchina to acquire the company. If this is indeed the case, the acquisition would generate incredible value for shareholders. However, it’s important to keep in mind that at the moment, the rumor is unconfirmed.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching SYT incredibly closely. In particular, we’re interested in learning more about this rumor and whether or not there is any validity to it. Nonetheless, we’ll be watching the news closely and we’ll be sure to bring it to you as it breaks!
Update: This is no longer a rumor. It looks like the EU will approve the acquisition!
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[Image Courtesy of The Blue Diamond Gallery]