FireEye Inc (NASDAQ: FEYE)
FireEye was having a relatively normal day in the market today. When the opening bell rang, the stock was trading slightly in the red before dipping further downward. Throughout the day, the stock saw its fair share of ups and downs, but the movement wasn't anything worth writing home about. That is, until minutes ago, when the stock started screaming for the top. Below, we'll talk about what we're seeing form FEYE, why, and what we'll be watching for with regard to the stock ahead.
What We're Seeing From FEYE
As mentioned above, FireEye was off to a normal day in today's trading session. While the stock was in the red and saw further declines early on, it didn't take long to recover. From there, it saw both green and red, but none of the movement was worth writing home about. Nonetheless, minutes ago, the stock started ripping upward. At the moment (1:07), FEYE is trading at $11.88 per share after a gain of $0.12 per share (1.02%) thus far today.
Why The Stock Is Spiking
As is almost always the case, our partners at Trade Ideas were the first to alert us to the upward movement on FEYE. As soon as we received the alert, the CNA Finance team started digging to see exactly why the stock was running upward. It didn't take long to dig up the story. It seems as though the gains are the result of support from the company's largest shareholder.
Shapiro, the largest FireEye shareholder on record as of today, recently made comments supporting the CEO's plans moving forward. With those comments, the shareholder said that there are intentions to purchase more shares. As a result, we're seeing quite a bit of excitement surrounding the stock, sending it upward.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be watching FEYE incredibly closely. In particular, we're interested in watching the company follow through with the plans set forth, as well as just how large the new investment in the company will be. We'll be watching the news closely and bringing it to you as it breaks!
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