Rumor Squash: Weight Watchers Pops And Drops On Takeover Report
Weight Watchers International, Inc. (NYSE: WTW) popped and dropped Wednesday morning.
- The stock opened at $10.05 and continued lower, after the company announced on Monday evening that CEO James Chambers will resign.
- Around 10:08 a.m. ET, the stock spiked to $10.40 after dealReporter suggested a private equity group may be interested in purchasing the company.
- At 11:21 a.m. ET, a source close to the matter told Benzinga that Weight Watchers has had "absolutely no discussion" about taking the company private.
Shares have traded in a big range Tuesday morning, moving between $9.54 and $10.40. At time of writing, the stock was trading at the lows of the day.
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.