Quest Diagnostics Spikes to Record on Tweeted M&A Speculation

Quest Diagnostics Inc., the second-biggest lab-testing company in the U.S., spiked as much as 20 percent to an intraday record after a Twitter user’s speculation that the company had been approached for a takeover.

Quest shares gave up most of their gains within minutes. They were up 6.9 percent to $79.07 at 11:07 a.m. in New York. In his tweet, since removed, Joe Kunkle, known as @OptionsHawk, said Quest had hired Goldman Sachs & Co. after receiving a $95-a-share approach. A Quest spokesman didn’t immediately return messages seeking comment.

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