Salesforce.com, inc. CRM shares are trading higher by $2.70 at $85.67 in Wednesday's session.
Like many times in the past, the company has been rumored as a takeover target. The latest rumor Wednesday morning has been attributed to Street Insider.
The stock had already been trading higher along with the broad market. After a higher open, it had a brief retreat but quickly found support just above Tuesday's close ($82.97) at $83.01 and resumed its move higher.
The pace of the rally accelerated around 10:45 a.m. ET when salesforce's stock was trading at the $84.50 area, or $1.53 above Tuesday's closing price. That area coincides with its former all-time high of $84.48.
Within a few minutes, it spiked to $86.42, but has been unable to hold that elevated. Instead, it had a retreat to the $84.50 area (where it was before the rumor came out) and has worked its way back into the mid-$85.00 handle.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
