Abercrombie & Fitch Co. (NYSE: ANF) is having an overwhelmingly strong time in the market today, and for good reason. We’re seeing yet another takeover rumor in the market, leading to investor excitement and causing the gains. Of course, our partners at Trade Ideas were the first to alert us to the movement. At the moment (1:50), ANF is trading at $14.02 per share after a gain of $1.35 per share or 10.66% thus far today.
ANF Gains On Rumored Takeover Interest
As mentioned above, Abercrombie & Fitch is having an incredibly strong time in the market at the moment as the result of rumors that are breaking surrounding the company. According to the rumors, the company is seeing a bit of takeover interest from two other big players in the industry. The rumor suggests that American Eagle Outfitters (NYSE: AEO) and Express, Inc. (NYSE: EXPR). However, the rumor does not suggest at what price the takeover may happen.
Nonetheless, it’s important to remember that rumors in the market are a dime a dozen. Unfortunately, very few of these rumors prove to be true. While this one seems relatively practical, there’s no proof that either of these two suitors are actually in the process of making a bid for an ANF takeover. So, if you’re going to trade on this news, make sure to trade with caution.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on ANF. In particular, we’ll be watching to see if takeover offers are indeed made, and of course, whether or not the company is willing to take an offer. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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