IMAX Surging Again (IMAX) - Imax (NYSE:IMAX)

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Shares of IMAX, Corp. (NASDAQ: IMAX) have staged a fairly substantial reversal on Monday morning. After opening weaker, the stock has been gaining in the last hour and is currently 3.21% higher on the session, a turnaround of more than 5%. Last Friday, the Daily Mail reported that Sony (NYSE: SNE) was preparing a $40 bid for the cinema chain. The stock jumped as much as 15% on the news, but gave back most of those gains after the company said that it was unaware of any corporate developments that would account for the move in its share price. It would appear, however, that traders are not totally discounting the rumors. IMAX volume has been heavy with more than 2 million shares already changing hands compared to a daily average of around 1.7 million.

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