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Market Chatter: Duke Shares Pop on Report Activist Elliott Holds Stake, in Talks With Board

05/10/2021 10:46

02:36 PM EDT, 05/10/2021 (MT Newswires) -- Duke Energy (DUK) shares spiked in afternoon trade on Monday after the Wall Street Journal, citing unidentified sources, reported that activist investor Elliott Management owns a stake in the electric utility and is urging the company to expand its board and likely take other actions to lift the stock price.

Charlotte, N.C.-based Duke has been in talks with Elliott, WSJ reported, citing those sources, who added that the activist fund may also push the company to sell some assets or make operational improvements.

The size of Elliott's position couldn't be learned, WSJ reported.

Shares of Duke jumped as much as 6.8% before easing off to trade 2.9% higher.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 103.71, Change: +2.85, Percent Change: +2.83