Allegheny Energy Inc. (AYE) Zooms Past 20 Day MA And 50 Day MA In Same Session

Allegheny Energy Inc. (NYSE: AYE) breached above its 20 day and 50 day MA in the same session by mid-day trading on Thursday, as the stock gave initial confirmation of strength on charts. Allegheny Energy Inc. (AYE), which started the session with a gap-up opening, evinced strong interest from market participants, leading to high volumes in Allegheny Energy Inc. (AYE).

Utility company First Energy (NYSE: FE) earlier announced its decision to got for acquiring rival Allegheny Energy Inc. (AYE) for $4.7 billion. The acquisition by First Energy (FE) will create a company with 10 utilities, with annual revenues of $16 billion and $1.4 billion in profit.