Apache Corporation (NYSE: APA) was off to a rough day in the market today, but that didn’t last long. In fact, the stock started to spike minutes ago as rumors started to spread. A special thanks goes out to our friends at Trade Ideas for being the first to alert us to the gains. At the moment (10:02), APA is trading at $47.88 per share after a gain of $0.14 per share (0.29%) thus far today.
APA Gains On Takeover Chatter
As mentioned above, Apache Corporation wasn’t off to the best of starts in the market today. In fact, since the open, the stock was trading in the red. That is, until minutes ago, when the stock quickly spiked into the green. Ultimately, the gains can be attributed to takeover rumors that are running surrounding the stock. While the rumors are quite vague, they do suggest that the company will soon be taken over. However, they do not suggest at what price, nor who the buyer might be.
Any time we see these rumors, it’s important to remember that rumors are just that… rumors – most of which prove to be invalid. In this particular case, that’s what we believe we are seeing. There are a couple of reasons for this. First and foremost, if a takeover rumor is true, the rumor insinuates who the buyer is and at what price most of the time. That’s not the case here. Also, this rumor is nearly impossible to track to its source.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on APA. In particular, we’re going to be watching to see if there is indeed any validity to the rumors that are circling the stock at the moment. While we don’t believe this to be the case, anything can happen in the market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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