Carl Icahn At It Again In Disney?
Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.
Walt Disney Co (NYSE: DIS) shares were trading higher by $1.11 at $110.11 in Friday's session. As if this issue needs an excuse to rally (shares are up more than 16 percent over the last three months), the rumor mill fueled Friday's spike north of $110.
The unconfirmed rumor is that Carl Icahn may be taking a stake and in his usual manner, pushing the company to spin-off its highly profitable cable assets.
So far the issue has made a new all-time high at $110.48. Based on its nine-day average trading range of $1.44, a projected target for the issue based on its $109.19 low would come in at $110.63. Of course, when there are rumors that Icahn is kicking the tires in an issue, there is no telling where an issue may go.
The rally is taking place on higher than its 20-day average volume of 4.7 million shares, as it has already traded 2.4 million shares with nearly four hours left in the trading session.
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