Cigna Big Winner, Hits All-Time High Before Selling Off Slightly
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
CIGNA Corporation (NYSE: CI) shares closed Monday's session up 11.8 percent and are rising after-hours.
The catalyst for the sharp increase in price is two Dow Jones reports that Anthem Inc (NYSE: ANTM) and UnitedHealth Group Inc. (NYSE: UNH) may be interested in bids for the company at a significant premium to current prices.
Although neither company has commented on the speculation, shares refused to give up most of their gains from Monday's session.
Of note, Cigna shares spiked above the $164 mark at one point during the day, marking a new all-time high. This rally is taking place on heavy volume; more than 6 million shares changed hands, compared with a 20-day average volume of 2.1 million shares.
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