Whole Foods Market, Inc. (NASDAQ: WFM)
Whole Foods Market wasn’t off to the best of days in the market today. After starting the session off in the green, the stock quickly made a run for the red, and continued diving throughout the early morning. That is, until minutes ago, when the stock started skyrocketing. Below, we’ll talk about what we’re seeing from the stock, why, and what we’ll be watching for ahead.
What We’re Seeing From WFM
As mentioned above, Whole Foods Market isn’t off to the best of starts to today’s trading session. In fact, when the opening bell rang, the stock was in the green. However, as soon as the market opened, it started on a mad dash toward the red. Nonetheless, things changed minutes ago as the stock started spiking, making its way back to the green in no time. At the moment (10:12), WFM is trading at $31.42 per share after a gain of $0.21 per share (0.67%) thus far today.
Why The Stock Is Spiking
As always, as soon as our partners at Trade Ideas signaled us about the WFM spike, the CNA Finance team started to dig to see what was causing the movement. While we didn’t find any fundamental news released by or about the company, we did find something interesting in social. It seems as though the gains are being caused by a rumor.
If you go to your favorite social network and run a search for Whole Foods Market, chances are that you’ll see an interesting rumor. That rumor is that the company is likely to be taken over. Now, we don’t know who the buyer might be, what the price might be, or really anything else, as this is an incredibly vague rumor.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on WFM. Ultimately, we’re interested in seeing if the takeover rumor is true. Nonetheless, it’s important to remember that when it comes to rumors, they are generally false. However, we’ll watch the news and bring it to you as it breaks!
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[Image Courtesy of Wikimedia]