Shares of Gogo Inc GOGO had an interesting day.
Shares opened down 8.35 percent from Friday's close of $16.64. The company reported disappointing earnings and sent the stock into a tailspin. Then at around 1:00 p.m., wires reported the aviation blog Runway Girl Network had information regarding AT&T's desire to leave the sphere in which it was in direct competition with Gogo, namely in-flight Wi-Fi.
With short-sellers dominating the stock, it experienced a sudden and swift short covering rally that pushed it up nearly 11 percent on heavy volume.
Shares closed Monday at $18.40, up 10.5 percent.
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