GoPro Spikes On Conference Drop-Out Rumour

Shares of

spiked up early Wednesday afternoon on heavy volume as rumors circulated the company canceled its appearance at a scheduled Goldman Sachs conference.

Despite a brief surge, shares of GoPro continued trading in negative territory as the rumor has not been confirmed by the company or the conference organizers. When a company withdraws its appearance at a scheduled conference, investors and traders could jump to the conclusion that it is entering a "quiet period" ahead of a major M&A announcement. This theory may be validated by the fact that Vanguard Group reported a 5.1 percent passive stake in the company earlier in the morning. On the other hand, a company can cancel an appearance due to a simple scheduling conflict. Shares traded recently at $11.17, down 1.9 percent on the day.