21st Century Fox-A (NASDAQ: FOXA)
21st Century Fox looked like it was going to have a relatively normal day in the market today. While the stock started the day in the red, it quickly made a push for the green, where it has spent most of the morning thus far. Nonetheless, minutes ago, the stock started spiking downward. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to FOXA ahead.
What We’re Seeing From FOXA
As mentioned above, 21st Century Fox looked like it was going to have a normal trading session today; likely ending the day off slightly in the green. Early on, the stock started in the red before pushing its way to the green, where it stayed most of the morning. However, minutes ago, we started to see a high momentum spike downward. Currently (10:59), FOXA is trading at $28.10 per share after a loss of $0.53 per share or 1.87% thus far today.
After an update on the news, the stock has climbed. We’ve provided an update of the movement and why below!
Why The Stock Is Spiking Downard
When the CNA Finance team was notified by Trade Ideas that FOXA was falling apart, we thought to ourselves, we’ve got to see what’s happening! So, we did a bit of digging, and we believe that we’ve found the reason for the losses.
At the moment, there’s a big rumor circling social media. That rumor is that 21st Century Fox is going to make a bid to acquire Sky PLC, a UK company. Of course, investors aren’t too excited about this idea. Nonetheless, at the moment, this is just a rumor. We have heard no confirmation surrounding this story. In fact, there’s not even confirmation that FOXA is even interested or in talks with the company.
What We’ll Be Watching Ahead
Moving forward, the CNA Finance team will be watching FOXA closely. Of course, we want to know whether or not they plan on making a bid for Sky PLC. Of course, that’s not the only thing we’ll be watching. There’s quite a bit going on around this company at the moment. Nonetheless, we’ll keep a close eye on the news and bring it to you as it breaks!
UPDATE – Sky PLC confirmed that it has received a bid from FOXA. Investors seem to have quickly shifted opinions on this one to bullish. Currently (11:10), the stock is trading at $29.86 per share after a gain of $1.22 per share or 4.26%
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