Traders Deflate Morning Wood at Church and Dwight After Discovering Spanish Origins

Early this morning shares of Church & Dwight Co. [NYSE: CHD] spiked up to nearly $125/share after reports that Procter & Gamble is finalizing an offer to acquire the company.  The report came from negocios.com, a Spanish news site.

The price has since drooped back down to about $99/share.  The CHD stock is still performing extremely well year-to-date, up over 13% so far, amid a sea of mediocre performers in the consumer goods space.

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Church & Dwight sell Trojan condoms, the most popular condom in the United States.  They also sell laundry detergent and more, according to the business profile inside Exodus:

The problem with this rumor, and why it didn’t stick, is the origin.  To spike a $12 billion dollar 20% higher on a report from foreign lands is silly.  Clearer minds have prevailed and the condom and laundry detergent stock is back to unchanged.

Morning wood has once again been neglected.