Deckers Outdoor Corp (NYSE: DECK)
Deckers Outdoor Corp wasn't off to the best of days in today's trading session. In fact, at the opening bell, the stock was trading well into the red. For the first hour of the session or so, the stock saw some upward and some downward movement, but stayed in the range of losses. Nonetheless, minutes ago, the stock quickly spiked to the gains and it looks like it may continue running. Below, we'll talk about what we're seeing from DECK, why, and what we'll be watching for ahead.
What We're Seeing From DECK
As mentioned above, Deckers Outdoor Corp didn't look like it was going to have the best of days in the market today. Unfortunately, at the opening bell, the stock was already trading in the red. Throughout the first hour, the stock struggled to find direction. However, minutes ago, it seems as though that direction became clear... UP! At the moment (10:34), DECK is trading at $53.14 per share after a gain of $0.41 per share or 0.78% thus far today.
Why The Stock Is Climbing
As is usually the case, our partners at Trade Ideas were the first to inform us of the run on DECK. As soon as we received the alert, the CNA Finance team started working to see what was causing the gains. While we were unable to find any fundamental news, we believe we found the cause of the movement. It seems as though the gains are the result of the company's consideration of a sale.
All over social media at the moment, we're seeing a big rumor surrounding Deckers Outdoor Corp. The rumor is that the company has hired multiple banks in the attempt to explore the idea of selling itself. The banks said to be hired are unnamed. Nonetheless, if this is true, it could be great news for investors!
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on DECK. In particular, we'll be watching for further news associated with the potential sale to see if there is any validity to the rumor. Nonetheless, we'll keep a close eye on the news and be sure to bring it to you as it breaks!
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