RPX Corp (NASDAQ: RPXC)
RPX Corp is having an interesting day in the market today. After staring the day off in the green, the stock quickly fell to the red. However, that didn’t last long. Minutes ago, the stock started to spike toward the top, making it into the green and beyond. Below, we’ll talk about what we’re seeing from RPXC, why the stock is climbing, and what we’ll be watching for ahead.
What We’re Seeing From RPXC
As mentioned above, RPX Corp is off to an incredibly interesting start to the trading session today. At the opening bell, the stock was trading slightly green, but quickly fell to the red. However, minutes ago, the stock started spiking to the top in a big way. At the moment (10:08), RPXC is trading at $12.25 per share after a gain of $1.23 per share or 11.16% thus far today.
Why The Stock Is Headed Up
Our partners at Trade Ideas were the first to inform the CNA Finance team of the gains on RPXC, as is nearly always the case. When we received the notification that the stock was screaming upward, the CNA Finance team started working to see why it was headed up. It didn’t take long to find the story. It seems as though the gains are the result of acquisition hopes.
Early this morning, stories started breaking that RPX Corp may soon be acquired. In fact, according to some of the reports, the company has received several offers from private equity companies to take it out of the public sector. At the moment, there’s not much data on what the price of the acquisition would be. Nonetheless, if it did happen, it would likely return incredible value to shareholders.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on the RPXC story. In particular, we’re interested in learning if an acquisition is actually going to happen, and if so, at what price. Nonetheless, we’ll continue to follow the story and bring you the updates as they break!
Update (11:10): Baird says that takeover offers announced today are likely credible.
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