Altice USA stock surges after report details sale possibility for Suddenlink business


Shares of Altice USA Inc. ATUS, +3.03% were spiking in Thursday afternoon trading after Bloomberg News reported that the company was looking into a sale of its Suddenlink cable business, which operates in states including Arizona, California, and Texas. The business could sell for up to $20 billion, according to the report, though it is not determined yet whether Altice will proceed with a deal. An Altice spokesperson said the company doesn’t comment on rumors. The stock was up 22% in Thursday trading. “Our prior advice was don’t be short given the potential for the deal,” Wells Fargo analyst Steven Cahall wrote in a note to clients following the report. “Now it seems like the shares could go meaningfully higher, though the risk is consummation of a deal at or around the reported EV [enterprise value].” Altice shares have lost two thirds of their value over the past 12 months as the S&P 500 SPX, -0.93% has dropped about 9%.

This article was originally published by Read the original article here.

Previous article: ‘The inadequacy of current consumer protections is unacceptable’: Payment apps like Zelle are too easy for peer-to-peer scams, Democrats tell CFPB
Next articleThe Moneyist: My friend got us free theater tickets. When I got home, she texted me, ‘Can you get our next meal or activity?’ Am I obliged to treat her?


Please enter your comment!
Please enter your name here