3D Systems Corporation (NYSE: DDD)
3D Systems is off to what seems to be an incredible day in the market today. When the opening bell rang, the stock was trading close to the breakeven point. However, since then, the stock has been screaming upward. Below, we’ll talk about what we’re seeing from DDD, why, and what we’ll be watching for ahead.
What We’re Seeing From DDD
As mentioned above, 3D Systems is having an incredible day in the market thus far today. The stock started the day off very close to the breakeven point. However, it went on a mad dash toward the top as soon as the bell rang. From there, we’ve seen a continuation of strong upward movement. At the moment (9:48), DDD is trading at $16.93 per share after a gain of $0.83 per share (5.16%) thus far today.
Why The Stock Is Spiking Upward
In the case of DDD, our partners at Tradespoon were the first to alert us to the upward movement. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this case, it didn’t take long to dig up the reason for the spike. While we were unable to find any fundamental news with regard to the company, the gains seem to be the result of a rumor.
At the moment, there’s a big rumor surrounding 3D Systems in the social media realm. That rumor is that the company is likely to be taken over soon. While this is definitely exciting investors given the gains we’ve seen so far today, it’s important to remember that this is nothing more than an unconfirmed rumor that could be debunked at any moment!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on DDD. In particular, we’re interested in learning if there is any validity to the rumor that the company is going to be acquired. Of course if there is, this could prove to be massive news for shareholders. We’ll keep an eye on the news and bring it to you as it breaks!
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[Image Courtesy of Wikipedia]