HGV - Why Hilton Grand Vacations 21Vianet Group and Revance Therapeutics Jumped Today
Monday was a relatively quiet day on Wall Street, as investors largely allowed major benchmarks to tread water. Trade negotiations didn't deliver the home run victory that many had hoped to see, and that kept market participants from bidding up indexes further from Friday's gains. Yet some individual stocks still had good things going for them. Hilton Grand Vacations (NYSE: HGV), 21Vianet Group (NASDAQ: VNET), and Revance Therapeutics (NASDAQ: RVNC) were among the top performers. Here's why they did so well.
Shares of Hilton Grand Vacations jumped 6% following reports that a private equity company is looking to make a bid for the timeshare and vacation property specialist. Apollo Global Management has reportedly made a bid to buy Hilton Grand Vacations for $40 per share, according to Bloomberg, and it's possible that other institutional investors are interested in the company as well. Rumors of buyout talks have swirled around Hilton Grand Vacations for a while now, and the fact that the stock remains well over 10% below the reported buyout bid figure shows that shareholders are skeptical about reacting to every single news item that crosses their path.
Image source: Hilton Grand Vacations.