Scana Jumps on Merger News

GuruFocus.com
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- By Omar Venerio

Wall Street traded higher Wednesday morning with the main indexes well in the green.

Among the stocks with upside movement, shares of Scana Corp. (SCG) traded more than 20% higher on news Dominion Energy Inc. (D) will buy the company in an all-stock deal. The combined company will serve millions of electric and natural gas distribution customers. Scana"s shareholders will receive 0.669 Dominion common shares per each share they own, which represents $55.35 per share. The deal is valued at $14.6 billion. Customers of Scana"s SCE&G subsidiary will be benefit because the transaction will offset any costs related to the withdrawal of operating licenses for the unfinished V.C. Summer nuclear reactors.


Gainers

  • Advanced Micro Devices Inc. (AMD)

  • Ulta Beauty Inc. (ULTA)

  • Chipotle Mexican Grill Inc. (CMG)

  • Expedia Inc. (EXPE)

  • Celgene Corp. (CELG)



Losers

  • Intel Corp. (INTC)

  • Macy"s Inc. (NYSE:M)

  • Omnicom Group Inc. (OMC)

  • Harley-Davidson Inc. (HOG)

  • Ralph Lauren Corp. (RL)



Global markets

The main European stock markets traded higher. The U.K."s FTSE 100 jumped 0.30%, France"s CAC 40 traded 0.81% higher, Germany"s Dax gained 0.83% and Spain"s Ibex 35 rose 0.37%.

In Asia, Japan"s Nikkei 225 declined 0.08% and India"s BSE Sensex retreated 0.06%. Hong Kong"s Hang Seng gained 0.15% and China"s SSE Composite climbed 0.62%.

Disclosure: The author holds no positions in any stocks mentioned.

This article first appeared on GuruFocus.


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