Hershey Co (NYSE: HSY)
Hershey is having a rough day in the market today. At the opening bell, the stock was already trading in the red. From there, we saw a continuation of downward movement throughout most of the morning. However, that all changed minutes ago as the stock started to spike upward. While it is still in the red, things are looking more promising. Below, we’ll talk about what we’re seeing from HSY, why, and what we’ll be watching for ahead.
What We’re Seeing From HSY
As mentioned above, Hershey is having an interesting day in the market today. At the opening bell, the stock was trading slightly red before falling further throughout most of the morning. However, minutes ago, the direction of the movement changed as the stock started to find its way upward. While it is still trading red, the stock is looking more and more promising with every tick of the clock. At the moment (11:16), HSY is trading at $107.97 per share after a loss of $0.18 per share or 0.17% thus far today.
Why The Stock Is Headed Upward
As is almost always the case, our partners at Trade Ideas were the first to inform us of the upward movement on HSY. As soon as we received the alert, the CNA Finance team started digging to see why the stock was making a run for the top. While we were unable to find any fundamental news that would lead to such a reaction, we were able to find a rumor that we believe is the cause of the movement.
At the moment, if you look to your favorite social network and search for Hershey news, you’ll likely see the rumor yourself. The rumor suggests that the company will soon be taken over. However, given the fact that the source of the rumor isn’t open and obvious, combined with other factors like, price not being offered, potential buyer not being offered, and more, we have come to the conclusion that there is likely no validity to this one. So, don’t get your hopes up.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on HSY. In particular, we’ll be following the rumors of a potential acquisition. While we wouldn’t get our hopes up, anything can happen in the market. Nonetheless, we’ll be watching the news closely and bringing it to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!
[Image Courtesy of Flickr]