Why Brighthouse Financial Stock Blasted Higher This Week
The insurance industry isn't known for being a hotbed of dynamically trading stocks. That's why Brighthouse Financial's (NASDAQ: BHF) big price swing over the past few days was notable.
On the back of a report in a trusted financial newspaper that the company was looking to find a buyer, both investors and analysts suddenly got more bullish on the potential for its stock. According to data compiled by S&P Global Market Intelligence, Brighthouse's price rose by nearly 22% this week.
Tuesday morning, the Financial Times reported that Brighthouse aimed to sell itself and had hired teams at Goldman Sachs and Wells Fargo to aid it in this effort. Citing unnamed "two people familiar with the matter," the newspaper added that the company wants to both consider offers for the entire company and the solicitation of minority equity stakes.
Source Fool.com
