Constellation stock is up! No, it's down!
Why Constellation Energy Stock Soared 22% on Friday
Constellation Energy is one of the best S&P 500 stocks Friday after the utility said it will buy Calpine in a cash-and-stock deal valued at $26 billion.
Joseph Dominguez, Constellation Energy CEO, joins 'Squawk on the Street' to discuss the company's acquisition of Calpine, the chief executive's confidence in the deal and more.
Constellation Energy (CEG) shares surged Friday after the company agreed to buy private energy company Calpine in a deal valued at $26.6 billion that it said will create the largest clean energy provider in the U.S.
Takeover combines electricity generators to become largest independent US power provider, with 2.5 million customers
The deal creates the nation's largest producer of clean energy.
Constellation Energy's deal to buy Calpine is being driven by fast-rising demand for electricity by the technology industry.
Constellation Energy said on Friday it would buy privately held Calpine Corp, a geothermal and natgas energy company, in a cash-and-stock deal valued at $26.6 billion including debt.
The merger combines two of the country's largest power generators as demand for electricity surges.
Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?
Constellation Energy Corporation dropped over 4% on Wednesday following reports it was on the cusp of agreeing to a takeover of gas and geothermal firm Calpine. According to Bloomberg, Constellation was in advanced talks over the cash and stock deal, which would value Calpine at US$30 billion including debt.