Himax Technologies, Inc. (ADR) (NASDAQ: HIMX) is having an overwhelmingly strong start to the trading session this morning. While the company hasn’t released any news this morning or over the weekend, there are rumors surfacing that we believe to be the cause for the gains. As is normally the case, our partners at Trade Ideas were the first to alert us to the movement. At the moment (9:48), HIMX is trading at $10.89 per share after a gain of $0.34 per share (3.18%) thus far today.
HIMX Gains On Rumors
As mentioned above, Himax Technologies is having an overwhelmingly strong start to the trading session today as rumors surface surrounding the company. The rumors suggest that the company has been awarded a new contract. However, they are also overwhelmingly vague. While there is an insinuation that a new contract has been awarded, there is no news with regard to who awarded the company the contract, what the contract is for, nor how much revenue the contract will drive.
Any time we see rumors in the market, as is the case with HIMX at the moment, we feel it’s important to remind investors that this is nothing new. The truth of the matter is that rumors are a daily occurrence in the stock market. Like most rumors, market rumors tend to lack validity. In this particular case, we urge those who plan on making moves based on this rumor to use caution. At the end of the day, it is overwhelmingly vague and seemingly impossible to track to the source. These tend to be the trademarks of false rumors designed to drive movement in the market.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on HIMX. In particular, we’re interested in following the company to see if the rumors of a new contract being awarded are true or not. While we don’t believe the rumor, anything can happen in the market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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