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Twitter Inc (NYSE: TWTR) bulls are getting a bit of reprieve Tuesday evening, as shares traded up following an after-hours rumor suggesting Walt Disney Co (NYSE: DIS) may still be interested in working a deal with the company. The report, however, may be little more than speculation.
A Betaville alert published after Tuesday's close speculated that Twitter and Disney are "now thrashing out a deal after agreeing a price - thought to be in the 20s per share - at the back end of last week."
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Betaville is run by a former M&A and markets editor at London's The Daily Telegraph. Even though the Disney-Twitter story has been dismissed for about a month, and the site noted that its story had not been run through "formal journalistic channels," that didn't appear to stop the stock from trading up over 3 percent from Tuesday's close.
Responding to the alert, a reliable source who wished to remain anonymous discussed the rumor with Benzinga. The source called into question the legitimacy of the Betaville's speculation and downplayed the chatter.
Shares of Twitter last traded at $17.83. Disney last traded at $92.29, down 0.5 percent from Tuesday's close.
Benzinga Pro subscribers were originally alerted to the reason for the price action.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.