Shares of First Solar FSLR started rocketing higher around 10:50 a.m. Monday, as rumors that the company would be acquired started flying around social media sites StockTwits and Twitter.
This comes after a rumor at the beginning of June in which investors were alleging that Carl Icahn had taken a stake in First Solar and will push for a sale. Since the rumor of Icahn’s stake broke on June 4, shares of First Solar are up 10.4 percent.
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Over the weekend, several technical setups were being discussed on financial forums. The spread of a rumor may have bumped the stock above these technical levels -- $70 being the most prominent -- and the momentum carried it higher.
Shares of First Solar were last trading at $70.71, up 2.63 percent from Friday’s close.
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