Square Inc (NYSE: SQ) is having a pretty strong day in the market today, and for good reason. Early chatter regarding a potential takeover hit the wire. Of course, this led to excitement among investors and caused a rocket-like effect on the stock. As is almost always the case, our partners at Trade Ideas were the first to alert us to the gains on the stock. Since then, it has held steady. At the moment (11:48), SQ is trading at $17.25 per share after a gain of $0.33 per share (1.95%) thus far today.
SQ Heads Up On Takeover Chatter
As mentioned above, Square is having a strong day in the market as the result of rumors that the company may soon be acquired. The rumors suggest that Verizon (V) will be the buyer of the company. However, the rumor doesn't cover at what price the acquisition may happen.
It's important to keep in mind that we see rumors like this all the time in the market. While some of them do come to fruition, the vast majority of them do not. At the moment, this is nothing more than a rumor that has not been confirmed by either side.
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What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on SQ. In particular, we're interested in following the news surrounding the potential takeover. While this is just a rumor, and we don't believe it to be a very valid one, 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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