From the archive. This pick came before our first emailed issue. We wrote it on Nov 3, 2026 from sources published around that day, with the same checks as every issue. It isn't part of the track record.
The pick
Emera Inc. (EMA) had the biggest jump in trading volume compared with its usual level on October 23, 2026. Volume was 8.4x its 30-day average, and the stock closed down 0.75%.
What happened
Emera filed two documents with the SEC on October 19, 2026. They describe a deal signed on October 6, 2026. On that date, Emera, ATCO Ltd., Canadian Utilities Limited and a new subsidiary, 2856571 Alberta Ltd. ("SpinCo"), signed an arrangement agreement.
Under the agreement, Emera will acquire all of the shares of ATCO and all of the shares of Canadian Utilities that ATCO does not already hold. Emera will pay in Emera common shares. ATCO will also spin out its industrial services business to SpinCo as part of the deal.
ATCO shareholders will receive 0.865 of an Emera share for each ATCO share. Canadian Utilities Class A shareholders (other than ATCO) will receive 0.755 of an Emera share per share. Class B shareholders (other than ATCO) will receive 0.819. The boards of Emera, ATCO, Canadian Utilities and SpinCo each unanimously determined the deal was in their company's best interests.
The deal is subject to several conditions, including votes by ATCO and Canadian Utilities securityholders and approval by Emera shareholders of the share issuance. The filings do not mention trading on October 23, so they do not say why volume rose that day.
Sources: [press release] [press release 2]
The numbers
- Previous close: $49.36
- Close: $48.99
- Change: -0.75%
- Volume: 5,704,969
- 30-day average volume: 682,547
- Volume multiple: 8.4x
- Behind the move: a company press release
What happened next
Measured from this day's close. Shown for every pick, good or bad. See the full track record.