Twitter Inc (NYSE: TWTR)
Twitter is having an interesting day in the market. After starting in the green and spiking early on, the stock went on a slow, yet steady path toward the bottom, eventually breaking into the red. However, the stock started heading up about an hour ago; then a big spike came just minutes ago. We believe we know why. Below, we'll talk about what we're seeing, why, and what we'll be watching for with regard to TWTR ahead.
What We're Seeing From TWTR
As mentioned above, Twitter was off to a strong day in the first few minutes of the trading session. The stock started the day in the green and spiked toward the top. However, just before 10:00, the stock took a turn for the worse, starting on slow, yet steady declines and making its way into the red. Now, however, it's back to the green. At the moment (1:16), TWTR is trading at $17.09 per share after a gain of $0.23 per share (1.36%) so far.
Why The Strange Movement?
Whether it's looking to go up, or it's looking to go down, TWTR can't seem to decide. Nonetheless, as soon as our partners at Trade Ideas informed us of the movement, the CNA Finance team started digging to see what we could uncover. At the moment, there's no fundamental news, and no rumors that have hit the social realm. However, we believe that we have found something interesting.
According to sources that wish to remain anonymous, Twitter is considering replacing Jack Dorsey. While we have not been able to verify this news, it could be huge for the company. After all, since his second appointment as CEO, we haven't seen much by way of positive news surrounding TWTR.
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on TWTR. In particular, we're interested in finding out whether or not Dorsey will actually be stepping down. If so, who will replace him? After all, few qualified executives want to hop onto a sinking ship. Nonetheless, we'll keep a close eye on the news and bring it to you as it breaks!
Update - Unfortunately, the rumor is not true. It was a ploy by a blogger to show that algorithmic trading was fundamentally flawed. Nonetheless, the rumor caused some movement.
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