VVV - Why Valvoline Stock Raced 12% Higher on Wednesday
One of the surest temporary drivers for stock prices is a rumor of an impending asset buy. That was the situation on Wednesday with veteran motor oil and lubricant manufacturer Valvoline (NYSE: VVV) , which saw its shares leap more than 12% on speculation of such a move.
On Wednesday, citing "people familiar with the matter," The Wall Street Journal reported that Saudi Aramco had approached Valvoline about buying the American company's retail operations. This immediately seized investors' attention, as Saudi Aramco is the largest oil company in the world by revenue.
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Why Valvoline Stock Raced 12% Higher on Wednesday