Emerson Electric Stock Inches Higher After $3 Billion Sale

The stock could topple a key trendline today

Digital Content Manager
Aug 8, 2022 at 10:19 AM
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Emerson Electric Co. (NYSE:EMR) announced that it is selling its InSinkErator garbage disposal unit to Whirlpool (WHR) for $3 billion. Whirlpool said that it will fund the acquisition through available liquidity, with new debt initiated later on. EMR is rising slightly following the announcement, last seen up 1.5% at $91.72. 

Should these gains hold, EMR could log its first settlement atop the 180-day moving average since late April. This trendline has kept a lid on the stock's July rally, which helped the shares log a 13.2% win last month, marking its biggest monthly jump since November 2020. Meanwhile, Emerson Electric stock is still sitting just below its year-to-date breakeven point. 

Sentiment surrounding EMR has been split, and a round of upgrades could put additional wind at the equity's back. of the 15 in coverage, seven still consider the security a "hold," compared to eight "buy" or better ratings. 

An unwinding of bearish sentiment among options traders could also act a boon to Emerson Electric stock. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the equity sports a 50-day put/call volume ratio of 2.73, which sits higher than 96% of readings from the past year. In other words, options traders are picking up puts at a much quicker-than-usual clip recently. 

 

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