HUBS - Why HubSpot Stock Plummeted by 12% Today
2024-07-10 17:13:57 ET
It's never pleasant for a shareholder to learn that a potential high-premium takeover of one of their investments has been scratched. Unfortunately for HubSpot (NYSE: HUBS) investors, that's exactly what happened on Wednesday. On the news, market players aggressively sold out of the shares, leaving HubSpot with a 12% decline in price on the day.
That morning, Bloomberg reported that Alphabet is abandoning its play at acquiring HubSpot. Citing unidentified "people familiar with the matter," the financial news agency said that the two companies "didn't reach a point of detailed discussions around due diligence."
Bloomberg reached out to Alphabet and HubSpot for comment; neither offered any.
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Why HubSpot Stock Plummeted by 12% Today