Target Rumors Cause Pop & Drop

Rumors from a Business Korea Journal saying Lotte/Samsung took a 10 percent stake in Target Corporation TGT at $82 per share caused a sharp rally in Target's share price. Prior to the news, the stock was range bound and trading at $72.85. Once the rumor hit the newswire, shares of Target rallied nearly a dollar, trading up to $73.83 over the next minute. When the rumor could not be substantiated, the stock slowly crept back down and was last trading at $73.05.