Stock Market Alert - Thursday’s revelation that SPNC was the target of a federal investigation hit SPNC shareholders like a ton of bricks. The stock plummeted on the news, trading down from a Wednesday close to $9.00 to a Thursday low of $3.78 before closing at $4.73 on Thursday afternoon. Volume spiked on Thursday and was even higher on Friday, as the issue traded a total of 6.592 million shares on the session (this compares to a normal daily average of 403k shares traded). The stock slightly recovered on Friday, trading up just over 19% to close the session at $5.63. SPNC is still well off of its 52 week high of $16.59. Shareholders are hoping to receive more information from the company on the matter early next week.
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