Top Ships Inc (NASDAQ: TOPS) is having an overwhelmingly strong day in the market today as rumors start to surface surrounding the company. The rumor, suggesting that the company will soon see an acquisition, is causing excitement among investors, sending the stock upward and prompting our partners at Trade Ideas to alert us to the movement. At the moment (11:10), TOPS is trading at $0.60 per share after a gain of $0.34 per share (129.12%) thus far today.
TOPS Gains On Takeover Speculation
As mentioned above, Top Ships is having a strong time in the market today after rumors started to pop up that the company will soon be acquired. The rumors started to fly yesterday when they were started by Sierra World Equity Review. On the website, Sierra says that John Fredriksen is going to acquire TOPS within the next 30 days. While the publication does not suggest at what price the acquisition may happen, they seem to be adamant that it’s likely.
Keep in mind that we see rumors in the market all the time. Sierra World Equity Review has provided two of those rumors in the past month, the first of which didn’t pan out. Chances are that this is nothing more than speculation. At the end of the day, rumors are just that – they are rumors. So, if you’re going to trade on this, make sure to 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 TOPS. In particular, we’re interested in finding out of Sierra got it right this time. While we don’t believe that this acquisition is going to take place, 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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