Insights

We’ve all seen the celebratory photos. The deal is announced, CEOs are shaking hands, CNBC is running the soundbite on loop, and the press release touts a "transformative partnership that will redefine the industry." In the boardroom, the atmosphere is electric. But on the floor of the New York Stock Exchange? The reaction is often a collective eye-roll—followed by a 5% to 10% dip in the acquirer’s stock price. Not always. Not forever. But often enough that Wall Street has de