Teva Pharmaceutical Industries Ltd (ADR) (NYSE: TEVA)
Teva Pharmaceutical Industries is having an incredibly strong day in the market today. When the opening bell rang, the stock was already trading well into the green. From there, the stock saw slight ups and downs, but for the most part, it was trading sideways. However, minutes ago, that changed as the stock started to spike upward. Below, we’ll talk about what we’re seeing from TEVA, why, and what we’ll be watching for ahead.
What We’re Seeing From TEVA
As mentioned above, Teva Pharmaceutical Industries is off to an incredibly strong day in today’s trading session. Due to strong pre-market activity, the stock was trading well into the green when the trading session started. While we’ve seen relatively flat movement throughout the day, that seems to be changing at the moment. Minutes ago, the stock started to spike. At the moment (11:37), TEVA is trading at $33.60 per share after a gain of $1.41 per share (4.38%) thus far today.
Why The Stock Is Climbing
As is almost always the case, our friends at Trade Ideas were the first to send us the alert that TEVA was making a run for the top. As soon as we got the alert, the CNA Finance team started digging to see what was causing the movement. It didn’t take long to dig up the story. It seems as though the gains are the result of the company’s consideration of a spin off.
In a report that was released just minutes ago, Bloomberg said that Teva Pharmaceutical Industries is considering the spinoff of their Branded Generics arm. It is also suggested that the company may decide to spinoff other pieces of the business. If this does indeed happen, the spinoff could generate incredible value for shareholders.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TEVA. In particular, we’ll be watching to see if a spinoff does indeed happen, and if it does, how it happens. We’ll be watching the news closely and bringing you any updates we find as they break!
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