Signet Jewelers Limited (NYSE: SIG) was off to a relatively normal day in the market as the opening bell rang. The stock quickly saw some green, and some red. However, minutes ago, it started spiking in a big way, thanks to rumors that broke. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:50), SIG is trading at $61.23 per share after a gain of $0.71 per share or 1.17% thus far today.
SIG Gains On Takeover Chatter
Any time we see rumors in the market, we feel that it is important to warn investors. At the end of the day, rumors happen all the time, and unfortunately, most of them prove to be false. This one seems no different. In generally, the takeover rumors that have validity to them are brought up by a credible source and offer far more information than a single line saying “$SIG Takeover chatter”. However, in this case, that's all that's offered. So, if you're going to trade on this rumor, please do so with caution.
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SIG. In particular, we're interested in seeing if there is any validity to the rumors that the company will be taken over. While a takeover would return incredible value to shareholders, we don't believe that it's actually going to happen. Nonetheless, anything can happen in the market. We'll continue to follow the story closely and bring the news to you as it breaks!
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