Why Symbotic Stock Is Skyrocketing Today
Symbotic (NASDAQ: SYM) stock is seeing huge gains in Thursday's trading. The automation and robotics company's share price was up 20.7% as of 2 p.m. ET and had been up as much as 24.6% earlier in the daily session.
Symbotic stock is rocketing higher today following news that the company will purchase 's robotics division. Symbotic will pay at least $200 million to acquire the unit, and the deal's announcement coincides with an expansion of the partnership between the two companies.
Walmart is already Symbotic's largest customer, and selling its robotics division to the tech specialist signals that the relationship between the companies is getting even stronger. In addition to the initial $200 million purchase price, Symbotic could wind up paying an additional $350 million to the retail giant but stands to receive even more in related payments from the company.
Source Fool.com
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