Time Inc (NYSE: TIME)
Time Inc was off to what seemed like a relatively normal day in the market today. While the stock started the day slightly in the red, throughout the day it has seen both red and green. However, nothing was worth writing home about until minutes ago when the stock started to spike. Below, we’ll talk about what we’re seeing in the market, why, and what we’ll be watching for with regard to TIME.
What We’re Seeing From TIME
As mentioned above, Time Inc was having a normal day in the market. At the opening bell, the stock was in the red but made a slow and steady crawl toward the green. Throughout the day, we saw ups, we saw downs, but we didn’t see much with regard to exciting movement. However, that changed minutes ago when the stock started climbing. Currently (2:07), TIME is trading at $19.20 per share after a gain of $0.75 per share (4.07%) thus far today.
Why The Stock Is Gaining
As usual, our partners at Trade Ideas were the first to notify us of the gains on TIME. As soon as we received the alert, the CNA Finance team started digging to see exactly what was happening. In this case, it didn’t take long to find the story. While we didn’t find much by way of fundamental news surrounding the company, we did see an interesting rumor in social.
Regardless of what your favorite social network is, if you search for Time Inc on it, chances are that you will find the rumor. The rumor is that Meredith Corp (MDP) has contacted the company with regard to a merger. There has been no confirmation on either side quite yet, but if this is the case, it could generate incredible value for shareholders.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping close tabs on TIME. In particular, we’ll be watching to see if there is any validity to the rumor. If so, we’re interested in learning whether or not Time Inc will accept the offer. We’ll keep a close eye on the news and bring it to you as it breaks!
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[Image Courtesy of Flickr]