Corning Incorporated (NYSE: GLW) is off to a relatively strong day in the market. The gains seem to be the result of takeover chatter being seen through social media. Of course, the concept of a takeover is exciting to investors who are pushing the stock upward. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (11:18), GLW is trading at $29.52 per share after a gain of $0.35 per share or 1.20% thus far today.
GLW Gains On Takeover Chatter
As mentioned above, Corning Incorporated is having a strong time in the market at the moment as takeover chatter starts to surface. The rumor seems to have surfaced on social media and is nearly impossible to track back to the source. Not to mention, it’s an awfully vague one. The rumor doesn’t suggest who the buyer might be, nor the price at which the takeover might happen.
With that said, I’d like to remind you that we see takeover rumors regularly in the market. Unfortunately, very few of these rumors turn out to be true. Given the fact that this rumor was started on social media and is overwhelmingly vague, I would imagine that the GLW takeover rumor lacks validity. So, if you’re going to trade on this news, please do so 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 GLW. In particular, we’re interested in learning if there is any validity to the rumors. While we don’t think that’s the case, anything can happen in the market. Nonetheless, we’ll continue to follow the story and bring the news to you as it breaks!
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