Garmin Ltd. (NASDAQ: GRMN) was having a relatively normal day in the market for the first hour or so. However, rumors broke minutes ago, and that all started to change. Investor excitement began sending the stock upward. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:31), GRMN is trading at $50.65 per share after a gain of $0.35 per share (0.70%) thus far today.
GRMN Gains On Takeover Rumors
Today seems to be the day of the rumor as the second takeover rumor breaks only an hour into the session. This time, Garmin is finding its way upward as rumors break that the company will soon be taken over. As with most stock-market rumors, the rumor surrounding GRMN is a very vague one. All it suggests is that the stock will be taken over. There's nothing insinuated with regard to who will be taking the company over, nor at what price a takeover might happen. This brings us to the next point...
The reality is that this isn't the only rumor we've seen in the market. Given the fact that we saw one on QRVO earlier today, and we've seen several takeover rumors so far this week, they are actually quite common. What is also common is the fact that these rumors largely prove to be untrue. Given the lack of details with regard to the potential for a GRMN takeover, we'd have to say that this is likely nothing more than invalid chatter. So, if you're going to trade the news, please 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 GRMN. Of course, we want to know whether or not the rumors have any truth to them. While we don't believe this to be the case, anything can happen, and a takeover would be overwhelmingly positive for investors. Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!
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