5 Rumors Circling Wall Street Today

Stocks finally found a bid today as yields reversed course after their massive run-up. This had the rumor mill working in overdrive. Below we highlight a few rumors of interest being passed around trading desks today:

1. Apple (NASDAQ: AAPL) was one of the few S&P 500 stocks to close in the red today on rumors reported in Bloomberg that the tech giant is backing off plans to ramp up iPhone 14 production this year due to lower-than-expected demand. Shares closed down 1.3%.

2. Workiva (NYSE: WK) is drawing takeover interest from private equity firms, including Thoma Bravo and TPG, Bloomberg reported. Shares surged 18% on the rumor.

3. Triumph Group (NYSE: TGI) gained 6% following M&A chatter.

4. Denbury (NYSE: DEN) gained 4% on renewed takeover rumors. In August, reports surfaced the oil and gas company was exploring options.

5. Rumors have it that Treasury Secretary Janet Yellen will be leaving the Biden administration after the midterm elections, Axios reported. Cowen's Jaret Seiberg thinks Commerce Sec. Gina Raimondo or Federal Reserve Vice Chair Lael Brainard could be the leading candidates for the position should Yellen leave.

By StreetInsider.com Staff

You May Also Be Interested In

• BofA says there is a continued strength in buybacks
• Midday movers: PepsiCo, JetBlue fall; GM, Danaher and UPS rise
• Evercore ISI Downgrades SunPower (SPWR) to In Line