ROG - Why Is Rogers Corporation (ROG) Stock Down 44% Today?
InvestorPlace - Stock Market News, Stock Advice & Trading Tips
Rogers Corporation (NYSE:ROG) stock is falling hard on Wednesday following confirmation that DuPont (NYSE:DD) no longer plans to acquire the company.
Several sources reported on the dead deal this morning before Rogers Corporation confirmed it with its own statement. The deal fell apart after DuPont was unable to secure clearance from all regulators.
This brings an end to the planned $5.2 billion purchase of Rogers Corporation. As a result of breaking the definitive merger agreement, DuPont will pay a $162.5 million fee to Rogers Corporation.
Here’s what Rogers Corporation had to say about the matter in a news release.
“Rogers is currently evaluating all options to determine the best path forward in response to DuPont’s notice. ogers remains an exceptional company, and the team continues to execute on our successful growth strategy. Our strong competitive position innovating across fast-growing markets, including EV/HEV, is underscored by continuing design wins, broad customer enthusiasm and a robust pipeline of opportunities.”
What Does This Mean for ROG Stock?
With news of today’s deal falling apart, many investors are selling their stakes in the specialty engineered materials company. This is fueling heavy trading as some 3 million shares change hands today. For comparison, the company’s daily average trading volume is about 192,000 shares.
ROG stock is down 43.5% as of Wednesday afternoon and is down 52.6% since the start of the year. DD stock is climbing 4.5% higher this afternoon.
Investors looking for more of the most recent stock market news will want to keep reading!
InvestorPlace has all of that news ready for traders in one place! A few examples include what has shares of Benefitfocus (NASDAQ:BNFT), Chegg (NYSE:CHGG), and Arcturus Therapeutics (NASDAQ:ARCT) stock on the move today. You can catch up on all of that news at the links below!
More Wednesday Stock Market News
- Why Is Benefitfocus (BNFT) Stock Up 48% Today?
- Chegg (CHGG) Stock Soars on Strong Earnings Beat
- Why Is Arcturus Therapeutics (ARCT) Stock Up 30% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
More From InvestorPlace
- Buy This $5 Stock BEFORE This Apple Project Goes Live
- The Best $1 Investment You Can Make Today
- Early Bitcoin Millionaire Reveals His Next Big Crypto Trade “On Air”
- It doesn’t matter if you have $500 or $5 million. Do this now.
The post Why Is Rogers Corporation (ROG) Stock Down 44% Today? appeared first on InvestorPlace.