Coke takes fizz out of Monster rumor
The company shoots down market speculation that it would buy the energy-drink powerhouse.
Coke sent out a pretty definitive denial late Monday. "At this time, we are not in discussions to acquire the Monster Beverage Corporation," the company said in a statement. "We continue to review the best ways to maximize the value of our relationship."
That statement effectively erased all the gains Monster shares made Monday after The Wall Street Journal reported that Coke was in talks to buy Monster. Our partner Benzinga reported the same thing last week.
Monster opened Monday at $65.54 and soared as high as $83.96 -- a 28% gain -- on huge trading volume. The share gain was so intense that trading was halted twice Monday for about five minutes each, Forbes reports.
Coca-Cola shares lost less than 1% Monday to close at $76.32.
So how did this rumor take off? That's unclear. But some people made and lost a bunch of money on Monster Monday.
The following video has some details on why people thought Coke would be interested in buying Monster.
just goes to show that the stock market should be treated the same as gambling and taxed the same.
juuuuuuust one more monster!! jjjjjuuuuusssst one more!!! I'm almost wired enough for the day!! ooooooffffff course, i...i....i.....i'll neeeeeeeed a Xanax to calm down tonight, but right now I NEED ENERGY!!!!!!
Also, give me a stock market where the minimum hold period is 30-60 days and I'll gladly start buying again. I am not interested in provided capital for the day traders to manipulate.
I wouldn't mind if its monetary value was set by a market basket of the 5 leading currencies with the dollar being no more than 35%...that way the turkeys running the printing presses wouldn't have more effect on the value than profit and loss statements.
small percentage earned 25%, the rest lost 20%.
stupid people sit in front of their computer all day and twitch at the tiniest rumor.
Talendor, I accidently hit thumbs down, but I really like the commentary you provided. Good stuff.
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