Palo Alto Networks Inc (NYSE: PANW)
Palo Alto Networks is having an incredibly interesting day in the market today. At the opening bell, the stock was trading slightly in the green before pushing a bit higher. Since then, we've seen quite a bit of movement in both directions, but nothing has been worth writing home about. That is, until a rumor broke sending the stock skyrocketing just minutes ago. Below, we'll talk about the rumor, what we're seeing from PANW, and what we'll be watching for ahead.
IBM Rumored To Be Taking Over PANW
As mentioned above, Palo Alto Networks started to spike in the market just minutes ago. The spike was first brought to our attention by our friends at Trade Ideas. As soon as we received the alert, the CNA Finance team started digging to see why the stock was making a run for the top. While the company hasn't released any fundamental news that would lead to such gains, we are seeing an interesting rumor in the beginning of its evolution.
At the moment, the rumor is filling social feeds no matter which network you call your favorite. The rumor is that PANW will soon be acquired by IBM. At the moment, the rumor doesn't offer an insinuation of what the price of the acquisition will be. Keep in mind that currently, this is an unconfirmed rumor, and the likelihood of an acquisition actually happening is relatively slim.
What We're Seeing From The Stock
As is normally the case, following the rumor of a potential takeover to come, Palo Alto Networks is spiking in value in the market. At the moment (10:34), PANW is trading at $117.40 per share after a gain of $2.35 per share or 2.04% thus far today.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching PANW and IBM incredibly closely. In particular, we're interested in learning if there is any validity to the takeover rumors that are surfacing at the moment. While chances are slim, anything can happen. Nonetheless, we'll continue to watch the story and bring the news to you as it breaks!
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