Check Point Software Technologies Ltd. (NASDAQ: CHKP)
Check Point Software Technologies was off to what seemed to be a relatively normal day in the market today. When the opening bell rang, the stock was trading slightly in the red. From there, we saw some slow, yet steady upward movement bring it to the green within the first 15 minutes or so. From there, the stock traded relatively flat. However, minutes ago, things changed as it started to spike toward the top. Below, we’ll talk about what we’re seeing from CHKP, why, and what we’ll be watching for ahead.
What We’re Seeing From CHKP
As mentioned above, Check Point Software Technologies looked like it was going to have a normal day in the market early on. After starting the day slightly in the red. The stock went on what seemed to be a crawl to the green. Once it made it to the green, it seemed as though it was content. However, minutes ago, that all changed as the stock started to spike upward. At the moment (10:10), CHKP is trading at $98.78 per share after a gain of $0.62 per share (0.64%) thus far today.
Why The Stock Is Spiking
As is normally the case, our partners at Trade Ideas were the first to send us the alert notifying us of the upward movement on CHKP. As soon as they did, the CNA Finance team started digging to see what was causing such strong upward movement. While we were unable to find any fundamental news that would lead to gains like this, we did find a rumor that we believe to be the cause.
At the moment, there’s a rumor circling the social space. That rumor is that Check Point Software Technologies will soon be acquired. The rumor is a bit vague. There is no hint as to what the price of the acquisition may come to, nor who the acquirer might be. Nonetheless, the rumor is proving to be enough to move the market.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CHKP. In particular, we’re interested in learning if there is any validity to these rumors. Given the fact that they are so incredibly vague, we don’t suggest getting your hopes up. Nonetheless, if this is true, tremendous value may be returned to shareholders soon. We’ll keep a close eye on the news and bring you the updates as they break!
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