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Nearest Resistance: $67.50
Nearest Support: $62.50
Catalyst: Takeover Rumors
Alternative drink company
Monster Beverage(MNST - Get Report) is getting a lot of attention today after the
Wall Street Journal reported that
Coca-Cola(KO) was in talks to acquire the company. The news spiked shares of MNST early in the session's trading, but Coke disputed that it was making moves to buy Monster, shoving shares back down near opening levels before the session's close.
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Monster has been trying to shop itself out to a larger beverage company for years now, and Coke's positioning as MNST's distribution partner makes KO an obvious suitor. For now, though, it looks like shares of the energy drink maker are too pricey. At this point, Monster's uptrend remains intact -- and ultimately the rumors could do a good job of getting acquisition attention on shares.
If nothing else, yesterday's jump into the mid-$70 range gives Coke a glimpse at what kind of offer shareholders are expecting.