WGL Holdings Inc (NYSE: WGL)
WGL Holdings was off to a relatively strong start to the trading session early on today. In fact, when the opening bell rang, the stock found itself in the green. Throughout the session, the stock only climbed higher. That is, until minutes ago when it started to spike down into the red. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching with regard to WGL ahead.
What We’re Seeing From WGL
As mentioned above, WGL Holdings was having a relatively strong day in the market today. The stock started the day off in the red. From there, it climbed higher and higher throughout most of the session. However, minutes ago, the stock started spiking downward, giving up the gains it’s seen today and then some. At the moment (11:54), WGL is trading at $72.49 per share after a loss of $0.07 per share (0.10%) so far and looks to be going lower.
Why The Stock Is Falling
As always, as soon as we saw that WGL was taking such a steep dive, the CNA Finance team went to work to see what was causing the movement. It didn’t take long to dig up the story. Ultimately, the losses are being caused by news surrounding a potential acquisition that was announced last week.
Minutes ago, DealReporter released a report with regard to the possible acquisition by Iberdrola. Unfortunately, the news was that WGL Holdings was no longer in talks with the company about an acquisition. As a result, investors are responding by pushing the stock downward.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on WGL. While the company is not in talks with Iberdrola anymore, the fact that they were shows that interest in a sale is there. Nonetheless, we’ll keep an eye on the news and bring it to you as it breaks!
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