Twitter Inc (NYSE: TWTR) wasn’t off to the best of days in the market today. After starting in the green, the stock quickly made its way to the red. However, that all changed minutes ago as rumors started to hit the market. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. At the moment (10:24), TWTR is trading at $17.64 per share after a gain of $0.07 per share (0.37%) thus far today.
TWTR Spikes On Dorsey Rumor
As mentioned above, Twitter was off to a rough day in the market today. However, minutes ago, rumors started breaking that sent the stock into the green, if only for a short while. That rumor is that Jack Dorsey will be stepping down from his position as CEO of the company. Interestingly enough, the rumor also suggests that Dorsey will be bowing out of Square (SQ).
It’s important to keep in mind that rumors are nothing new in the market. In fact, they happen all of the time. The only problem is that like all rumors, market rumors are largely false. While many have been calling for Dorsey to step down since his appointment as CEO, there’s no confirmation that this rumor is true. So, if you’re going to trade on this news, make sure to do so with caution.
Stop wasting your time! Find winning trades in minutes with Trade Ideas!
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on both TWTR and SQ. In particular, we’re interested in learning whether or not Dorsey was actually ousted. We’ll continue to follow the story closely and bring the news to you as it breaks!
Never Miss The News Again
Do you want real-time, actionable news delivered to your inbox? Join the CNA Finance mailing list below!