Himax Technologies, Inc. (ADR) (NASDAQ: HIMX)
Himax Technologies was off to what seemed to be a relatively normal day in the market today. When the opening bell rang, the stock was trading slightly in the green. Throughout the session, the stock has seen its fair share of ups and downs, but has maintained its position in the green. However, minutes ago, things changed for the worse as the stock started spiking downward. Below, we’ll talk about what we’re seeing from HIMX, why, and what we’ll be watching for ahead.
What We’re Seeing From HIMX
As mentioned above, today seemed to be a pretty normal day for Himax Technologies. The stock started the day in the green and stayed above the breakeven point through some ups and downs. However, the stock started spiking downward minutes ago, giving up all of the gains it had seen today. Currently (12:34), HIMX is trading at $5.24 per share after no gain or loss.
Why The Stock Is Falling
As is almost always the case, our partners at Trade Ideas were the first to alert us to the downward movement on HIMX. As soon as they did, the CNA Finance team started to look for the reason for the movement. While we weren’t able to find any fundamental news released by the company that would cause such a drop, we did find an interesting rumor in the social space.
At the moment, there’s a rumor surfacing about Himax Technologies on just about every popular social network out there. The rumor suggests that Morgan Stanley will downgrade the stock. Of course, key analyst downgrades often lead to downward pressure on securities. So, it seems as though investors are reacting to the rumors.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on HIMX. In particular, we’ll be watching to see if Morgan Stanley does indeed downgrade the stock, and if so, the reasons they provide for the downgrade and the new price target that’s likely to come with such news. We’ll keep a close eye on the news and bring it to you as it breaks!
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