Target Corporation (NYSE: TGT)
Target Corporation is having an interesting day in the market today. At the open, the stock was trading slightly in the green. From there, it bumped up slightly before making a dive into the red and beyond. However, the stock has started to spike back up toward the breakeven point recently. Below, we'll talk about what we're seeing from TGT, why, and what we'll be watching for ahead.
What We're Seeing From TGT
As mentioned above, Target Corporation is having an interesting day in the market today, to say the least. At the open of the trading session, the stock was indeed trading slightly green. However, that didn't last long. After a small push upward, the stock started to take a dive, bringing it deep into the abyss. However, the stock started to make a push back for the green minutes ago, and it's incredibly close to the line at the moment. In fact, Currently (10:00), TGT is trading at $55.35 per share after a loss of $0.01 per share (0.02%) thus far today.
Why The Stock Is Spiking
As is nearly always the case, our partners at Trade Ideas were the first to inform us of the gains on TGT. As soon as we received the alert, the CNA Finance team went to work to see why the stock was spiking for the top. While we were unable to find any fundamental news that would lead to such gains, we were able to find a rumor that we believe is the cause of the movement.
At the moment, there's a rumor all over social media about Target Corporation. That rumor is that Carl Icahn, one of the world's leading activist investors, will be taking a large stake in the company. At the moment, there is no confirmation from either side, and to be honest, the rumor is incredibly vague. As a result, we don't believe that there is any validity to this one, but we will continue to watch to see if there is.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TGT. In particular, we're interested in learning whether or not Icahn will be taking an activist role in the company. Of course, if he did, it would be a positive thing; but given the data surrounding the rumor, this one seems to be false. Nonetheless, we'll continue to watch the news and bring it to you as it breaks!
Update (11:36): Well, we called it, the rumors seem to be invalid and the investing community seems to know it. TGT is back to sliding downward. At the moment, the stock is trading at $55.10 per share after a loss of $0.26 per share (0.47%) thus far today.
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[Image Courtesy of Wikipedia]