Maxim Integrated Products Inc. (NASDAQ: MXIM)
Maxim Integrated Products was off to what seemed like a relatively normal day. When the market opened, the stock was trading slightly in the green. From there, we saw a continuation of slow, yet steady movement upward. However, minutes ago, that slow movement turned into a spike upward. Below, we’ll talk about what we’re seeing from MXIM, why, and what we’ll be watching for with regard to the stock ahead.
What We’re Seeing From MXIM
As mentioned above, Maxim Integrated Products was off to a relatively strong day in the market early on. When the trading session opened, the stock was already trading in the green. From there, the stock worked its way further upward at a relatively slow pace. Nonetheless, minutes ago, that all changed minutes ago when the stock started screaming upward. Currently (10:22), MXIM is trading at $41.26 per share after a gain of $0.79 per share or 1.95% thus far today.
Why The Stock Is Spiking Upward
As soon as the spike started, we got the alert from Tradespoon that it was time to look at MXIM. When we did, the CNA Finance team started digging to see exactly what was causing the movement. In this particular case, it didn’t take long to dig up the story. While we were unable to find fundamental news that would lead to such gains, we were able to find an interesting rumor in the social space.
When you look into your favorite social network and search for Maxim Integrated Products, chances are that you will find the rumor too. The rumor is that the company is going to be taken over soon. However, it’s very vague. There is no suggestion with regard to who the buyer might be or what the price might be. Nonetheless, the rumor is definitely leading to excitement in the market.
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be keeping a close eye on MXIM. In particular, we’re interested in learning more about whether or not there is any validity to these rumors. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks!
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