Shares of Whirlpool (WHR.US), US manufacturer of home appliances, launched today's trading with an over-20% bullish price gap and are holding onto those gains during the cash session. Spike in company's shares was triggered by a report from Reuters.
According to Reuters report, Robert Bosch GmbH, German engineering and technology company, is considering making an offer for Whirlpool. No financial details for the potential offer were disclosed, however. Report was based on insider sources in Bosch, although they warned that nothing has been decided yet and the offer may not be made. Whirlpool has been undergoing restructuring in recent years. Company has been losing market share to competitors and saw its revenue decline as it was divesting from Europe, Middle East and Africa. However, effects of the restructuring are yet to be seen, and current economic environment does not support consumer spending on home appliance products. As recently as 2 months ago in late-April, Whirlpool said that it will cut 1,000 jobs in order to cut costs.
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appCompany's stock has been trading in a strong downtrend over the past 3 years and dropped around 65% from highs reached in May 2021. News of potential takeover by Bosch sent Whirlpool's share around 17% higher at the launch of today's trading on Wall Street. However, those gains have been being erased as the cash session progresses. Stock reached a daily high near $103.40 per share but has since pulled back below $100 mark and is now attempting to break back below the $98 price zone.
Source: xStation5
This content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
