Why Tempur Sealy's Gain Was Purple Innovation's Pain Today
Shares of mattress company Purple Innovation (NASDAQ: PRPL) dropped on Tuesday after fellow mattress company Tempur Sealy (NYSE: TPX) announced it was acquiring mattress retailer Mattress Firm in a deal valued at $4 billion. As of 2 p.m. ET, Purple stock was down 12%. For its part, Tempur Sealy stock was flat, even though it was the company that had news today.