Best Buy Co Inc (NYSE: BBY) was off to a strong start this morning. While the stock started to give back some of the gains, that quickly reversed and the stock started to shoot toward the top as rumors started to break. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (11:16), BBY is trading at $56.69 per share after a gain of $0.67 per share or 1.20% thus far today.
BBY Gains On Takeover Rumors
As mentioned above, Best Buy has been an interesting stock to watch throughout the trading session today. About 8 minutes ago, the story became more interesting as rumors started to surface on message boards about the company. The rumors suggest that BBY is going to be taken over. However, the suggested story of a takeover is one that’s overwhelmingly vague. There is no indication of who might want to purchase the company, nor at what price.
As is normally the case when rumors cause movements, we’d like remind investors that rumors happen all the time in the market. In fact, takeover rumors are one of the most common forms of stock market manipulation that takes place today. Like most rumors, market rumors very rarely prove to be true. In this particular case, because the rumor is so vague, we do not believe that it holds any validity. So, if you’re going to trade on this news, please be sure to do so with caution.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on BBY. In particular, we’re interested in learning if there is any truth to the rumored takeover. 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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