Loading...
Loading...
Walter Energy
WLT, which has been one of the strongest stocks in today's market, is coming under heavy selling pressure in the late afternoon hours.
At 3:03pm, shares of Walter, which had been trading at $90.70, suddenly plunged on heavy volume all the way down to $85 – a 6.2% drop in less than a minute. The stock has somewhat recovered from the drastic fall, currently trading back up to $89.35.
Shares had traded as high as $97.30 earlier in the session on news of a potential buyout from Anglo American. The offer is rumored to be at $120, and possibly go as high as $150.
Recent action indicates that traders do not necessarily believe that the buyout rumors are valid. The stock closed yesterday's session at $74.99.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in