FireEye Inc. (NASDAQ: FEYE)
FireEye was having what seemed to be a normal day in the market today. When the market opened, the stock was trading slightly in the green. From there, we saw some ups and some downs, but the movement wasn't anything worth writing home about. However, that all changed minutes ago as the stock started to make a run for the top. Below, we'll talk about what we're seeing in the market, why, and what we'll be watching for with regard to FEYE ahead.
What We're Seeing From FEYE
As mentioned above, FireEye was off to what looked like it was going to be a normal trading session today. While the stock started slightly in the green, it quickly made its way to the red. From there, the stock continued to teeter at the breakeven point, spending the day either slightly above or slightly below the line. That is, until minutes ago when the stock started to scream for the top. Currently (11:31), FEYE is trading at $12.95 per share after a gain of $0.26 per share (2.05%) thus far today.
Why The stock Is Edging Upward
As is usually the case, our partners at Trade Ideas were the first to inform us of the upward run on FEYE. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In our search, we were unable to find any fundamental news that was released by the company. However, we did find something interesting in the social space.
Regardless of which social network is your favorite, if you search for FireEye at the moment, chances are that you'll see an interesting rumor. The rumor is that the company has either received, or will be receiving, a takeover offer - depending on which network you search. Keep in mind that, at the moment, the rumor is yet to be confirmed.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on FEYE. In particular, we're interested in learning if there is any validity to the rumor surfacing in the social space. Of course, if it is true, we can expect strong value to be returned to shareholders. We'll be watching the news closely and bringing it to you as it breaks!
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