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Why Diamondback Energy Plunged after the Deal Announcement

Kurt Gallon
Why Diamondback Energy Plunged after the Deal Announcement

Diamondback Energy (FANG) stock saw a massive correction following the announcement of the merger deal with Energen Corporation (EGN). FANG lost 12.0% in a single trading session following the announcement, eroding all its YTD (year-to-date) gains. Overall, FANG is down 8.3% since the deal announcement.