Rumor Mill Instigates Yet Another Rally In Twitter
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Twitter Inc (NYSE: TWTR) shares were trading higher by $1.58 (5 percent) at $35.79 in Tuesday's session. Unconfirmed market chatter involving the issue is buoying its share price.
Had the chatter not swept the Street, the issue may have been heading to test its 52-week low ($33.51) as it reached $34.15 in Monday's session before rallying to close at $34.21.
After a higher open ($34.50 vs. Monday's close of $34.21), it dipped $0.06 to $34.44 before mounting a rally.
So far, it has reached $35.94 and has backed off slightly from that level. The current high is just shy of the trio of highs from June 19-23 between $36 and $36.28.
Twitter has not closed over $36 since June 8, when it ended the session at $36.46.
Editor's note: At time of publication, shares were trading at $36.00, up $1.79.
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