RIM (RIMM) Retraces Following Midday M&A Rumor
Tweet
Share
E-mail
Research In Motion (Nasdaq: RIMM) shares saw a little bit of a spike midday today, coupled with a surge in volume, following rehashed rumors that Microsoft (Nasdaq: MSFT) might be making a bid for the Waterloo, ON-based tech company.
The rumors, unfounded in their own right, sent shares up over 2%, only to come back down a few minutes later. Rumors of a takeover can be traced at least back at least to October 2010, when a
UBS analyst sent a research note to clients stating that, while Microsoft acquiring RIM is low based on synergies between the two companies, Cisco Systems (Nasdaq: CSCO) and RIM might be a better fit. Shares moved about 20% higher over the next few trading sessions following the rumor.
RIM has retracted most of the move, and is now down 1.5%.
The rumors, unfounded in their own right, sent shares up over 2%, only to come back down a few minutes later. Rumors of a takeover can be traced at least back at least to October 2010, when a
UBS analyst sent a research note to clients stating that, while Microsoft acquiring RIM is low based on synergies between the two companies, Cisco Systems (Nasdaq: CSCO) and RIM might be a better fit. Shares moved about 20% higher over the next few trading sessions following the rumor.
RIM has retracted most of the move, and is now down 1.5%.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Microsoft's (MSFT) OpenAI Partnership Could Face EU Antitrust Investigation, Sources Say - Reuters
- Nordstrom family weighing taking retailer private - WSJ
- Microsoft (MSFT) PT Lowered to $475 at Citi, 'AI Revenue May Surprise to the Upside and Justify CapEx Build'
Create E-mail Alert Related Categories
RumorsRelated Entities
UBSSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
