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Teco Energy Soars Following Acquisition Announcement

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Teco Energy, Inc. (NYSE: TE) shares were trading sharply higher by $5 (23 percent) at $26.07. Emera, a Canadian energy company, announced on Friday it was buying Teco for $6.5 billion.

Longs seized on the stock and instigated a sharply higher open ($25.74 vs. Friday's close of $21.07). After a brief retreat to $25.52, it resumed its rally. So far, it has reached $26.33, which takes it back to its highest level since it peaked at $28 in May 2002.

Today's rally is taking place on much heavier than average volume. With over four hours remaining in the session, more than 15 million shares have traded compared with its 20-day average of 3.17 million.

Posted-In: Emera Premarekt outlookTechnicals Intraday Update Movers Trading Ideas

 

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