IBM Common Stock (NYSE: IBM)
IBM was off to a relatively rough day in the market early on in today’s session. In fact, when the opening bell rang, the stock was in the red. Throughout the first short while, we saw a struggle to try and break into the green. Nonetheless, minutes ago, the stock started spiking and is now trading well into the green. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for with regard to IBM ahead.
What We’re Seeing From IBM
As mentioned above, IBM wasn’t having the best of starts in the market today. After starting the day off on declines, the stock continued down a path to nowhere for the first short while. However, minutes ago, the stock started spiking toward the top, quickly making it to the break-even line and beyond. Currently (10:29), IBM is trading at $169.35 per share after a gain of $0.84 per share (0.50%) thus far today.
Why The Stock Is Spiking
As soon as our partners at Trade Ideas informed us that IBM was on a run upward, the CNA Finance team started working to see exactly what was causing the movement. It didn’t take long to dig up the story. While there has been no fundamental news released about the company today, we did see something interesting in the social realm.
It seems as though a rumor is to blame for the run. This time around, the rumor is that one or more activist investors are likely to make a move on the stock relatively soon. Now, there is no way to confirm this rumor, but if it’s true, it could lead to big gains.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on IBM. In particular, we’ll be watching to see if today’s rumor turns into anything. Nonetheless, we’ll watch the news closely and bring it to you as it breaks!
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[Image Courtesy of Wikimedia]