WGL Holdings Inc (NYSE: WGL)
WGL Holdings was off to a relatively normal trading session early on today. For the most part, the stock was in the green, but not by much. However, that all changed minutes ago as we started to see a big spike upward. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for with regard to WGL ahead.
What We’re Seeing From WGL
As mentioned above, WGL Holdings was off to a relatively normal day in the market today. The stock was in the green for most of the day, but the gains definitely weren’t something worth writing home about. Nonetheless, minutes ago, that all changed. At the moment, the stock is climbing high. Currently (11:20), WGL is trading at $76.93 per share after a gain of $7.91 per share or 11.46% thus far today.
Why The Stock Is Climbing
As always, as soon as we noticed the spike on WGL, the CNA Finance team started digging to see what dirt we could dig up. It didn’t take long to dig up the story in this case. The gains are ultimately being caused by an acquisition rumor.
If you search for the ticker on social media at the moment, you’ll see a flurry of chatter about a possible takeover. However, it’s important to remember that what we’re seeing right now is a rumor. We have heard no confirmation of a potential takeover from WGL Holdings.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on WGL. In particular we will be watching to see if the takeover rumor actually comes to fruition. However, our hopes aren’t too high as we’ve seen tons of these types of rumors. All too often, they end with no sale! Nonetheless, we’ll keep a close eye on the news and update you as soon as it breaks!
Update: Bloomberg reports that WGL Holdings is weighing the sale of its company following Iberdrola interest.
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[Image Courtesy of The Blue Diamond Gallery]