Genuine Parts (GPC) Stock Is Trending After Hours: Here's What You Should Know
Genuine Parts Co. (NYSE: GPC ) shares fell 1.09% to $131.13 in after-hours trading on Thursday, reversing a 12.9% intraday surge. O’Reilly Bid Sparks the Rally The stock move came as Bloomberg News reported on Thursday that O’Reilly Automotive Inc. (NASDAQ: ORLY ) submitted a cash bid for GPC’s automotive parts unit, citing people familiar with the matter.., the unit could be valued at $10 billion or more. A deal could be announced by the end of summer, though Genuine Parts may still keep the business or pursue a spinoff instead. Genuine Parts and O’Reilly Automotive did not immediately respond to ‘s requests for comment. What Investors Should Know In February, Genuine Parts said it would separate its automotive and industrial businesses after pressure from Elliott Investment Management, which argued the stock undervalued both opera...
Genuine Parts Co. 9% intraday surge. O’Reilly Bid Sparks the Rally The stock move came as Bloomberg News reported on Thursday that O’Reilly Automotive Inc. , the unit could be valued at $10 billion or more.
A deal could be announced by the end of summer, though Genuine Parts may still keep the business or pursue a spinoff instead. Genuine Parts and O’Reilly Automotive did not immediately respond to ‘s requests for comment. What Investors Should Know In February, Genuine Parts said it would separate its automotive and industrial businesses after pressure from Elliott Investment Management, which argued the stock undervalued both operations. 59%.
The Georgia-based automotive and industrial parts distributor is expected to report its second-quarter earnings on Jul. 21. 18% ’s Edge Stock Rankings indicate that GPC is experiencing long-term consolidation along with medium and short-term upward movement. com Read Also: CaliberCos (CWD) Stock Is Trending Overnight — Here's Why it Fell Over 25% in After-Hours Session