Shopify Inc (US) (NYSE: SHOP) is having an interesting time in the market today. At the moment, the stock is finding its way upward as rumors break. Below, we’ll talk about the rumors, what we’re seeing from the stock, and what we’ll be watching for with regard to SHOP ahead.
SHOP Rumored To Be Taken Over
As mentioned above, Shopify is having an interesting day in the market today as rumors break. The rumors suggest that the company will soon be taken over. However, like most market rumors, this one is overwhelmingly vague. There is no suggestion of how much money the takeover offer would be nor where it would be coming from. It’s also nearly impossible to follow the rumor back to a single source, as it is being spread through message boards across the internet.
With that said, it’s important to keep in mind that this isn’t the first rumor we’ve seen in the market, nor will it be the last. The reality is that rumors just so happen to be one of the most common ways that the stock market is manipulated, and very few of them ever prove to pan out. So, if you’re going to make a move on this rumor, please be sure to do so with caution.
What We’re Seeing From SHOP
At the moment, Shopify is seeing small spikes in value as the rumor takes hold. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:55), SHOP is trading at $97.89 per share after a gain of $0.85 per share (0.88%) thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on SHOP. In particular, we’re interested in following the rumor to see if a takeover will actually happen. While we don’t believe that the rumor will prove to be valid, 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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