Rumor Mongering Rules Monster Beverage (MNST) Trading
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With regulators breathing hard down its neck, there's not doubt that investors in Monster Beverage (NASDAQ: MNST) are quick to react to any new development. However, today investors reacted to a bogus development.
A tweet from @dunragi at around 11:40AM ET stated:
RUMOURED POLICE IN OFFICES AT CORONA CALIFORNIA REMOVING DOCUMENTS ...AP
Shortly followed by:
LOCAL RADIO STATION REPORT POLICE OR FBI REMOVING DOCUMENTS FROM BUILDING IN CORONA CAL
It now appears those rumors were false. Also on twitter, the company's IR company PondelWilkinson stated:
Total rumor. Confirmed from company's spokespeople.
After trading down as much as 3.5 percent intra-day on the rumors, shares are now back to the flat-line.
A tweet from @dunragi at around 11:40AM ET stated:
RUMOURED POLICE IN OFFICES AT CORONA CALIFORNIA REMOVING DOCUMENTS ...AP
Shortly followed by:
LOCAL RADIO STATION REPORT POLICE OR FBI REMOVING DOCUMENTS FROM BUILDING IN CORONA CAL
It now appears those rumors were false. Also on twitter, the company's IR company PondelWilkinson stated:
Total rumor. Confirmed from company's spokespeople.
After trading down as much as 3.5 percent intra-day on the rumors, shares are now back to the flat-line.
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