2 Rumors Lighting Up Trading Screens Today

Stocks fell Wednesday after Target issued another dire profit warning, which sent shockwaves throughout the retail sector. Also, in the chip space, Micron warned that it would have to cut DRAM and NAND water starts by 20%. Despite the downside action, several rumors swirled around Wall Street. Below we highlighted a couple:

3M Company (NYSE: MMM) fell 1.9% despite rumors that an activist investor could be building a stake. The rumor started after analysts noticed that a major brokerage firm built a large stake in MMM during the third quarter. This is thought to be on behalf of the potential activist.

Oak Street Health (NYSE: OSH) jumped mid-day, before giving back those gains, on a vague rumor that CVS (NYSE: CVS) could target the company in a takeover. CVS has said recently that it is targeting M&A for primary care centers. Cano Health, Inc. (NYSE: CANO) has been the rumored name in the sector, but its stock has fallen out of bed as a deal for the company is now seen as less likely. Speculators are likely looking at alternatives for CVS to target, sparking the OSH chatter.

By StreetInsider.com Staff

Want this type of news in real-time as it happens? Upgrade to StreetInsider.com Premium Here

You May Also Be Interested In

• Share pullback in this Asian stock creates buying opportunity: Analyst
• Conmed weighing sale after takeover interest - Bloomberg
• Goldman launches Top 10 energy stock list with 26% average upside