- Constellation Energy Corporation (CEG) rose 25.20% on Friday, reaching a new all-time high of $310.00.
- The company has reached an agreement to acquire Calpine Corporation, a carbon storage company
Constellation Energy (CEG) stock is soaring sharply from a daily low of 280.13, where it attracted buyers who drove the stock price to a new all-time high of $310.00. Currently, CEG is trading at $306.13, up 25.59% today.
Constellation Energy reaches $26 billion deal for Calpine Corporation
Commercial, industrial and residential electricity generation company, Constellation Energy (CEG), has announced the purchase of Calpine Corporation, a company that provides electricity from natural gas and geothermal resources, as well as carbon capture and storage.
Constellation Energy plans to become the largest electric utility in the United States after the merger, reaching 2.5 million customers. The transaction is expected to be completed within 12 months. Following the news, CEG shares rose 25.20%, registering a new all-time high at $310.00.
CEG technical levels
Constellation Energy shares reacted higher from short-term support given by the January 8 low of $228.01. The next key support zone is at $219.85, the pivot point of December 20, 2024. To the upside, we see the next resistance at $360.00, where we expect investors to take profits as it converges with the extension to the 161.8% Fibonacci.
CEG 4-hour chart
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
