Time Inc (NYSE: TIME) is having an overwhelmingly rough start to the trading session today, and for good reason. The company previously announced that it was looking into strategic alternatives. However, investors recently found out that the key strategic alternative is off of the table. This ultimately led to fear among investors and declines in the stock. Of course, our partners at Trade Ideas were the first to alert us to the declines. Currently (8:21), TIME is trading at $14.80 per share after a loss of $3.50 per share or 19.13% thus far today.
TIME Falls On Refusal To Sell The Company
As mentioned above, Time is taking a bit of a dive in the pre-market this morning after announcing that the strategic plan does not include the concept of selling the company. Ultimately, when the company announced that it would be looking into strategic alternatives, the hope among investors was that the company would be sold. As we know, when investors don’t quite get what they want, the stock in question tends to fall. That’s exactly what we’re seeing today.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TIME. In particular, we’ll be watching for news associated with their strategic plan for growth. Also, while the company said it will not sell, investors could push it in that direction over time. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!