Palo Alto Higher Off Unconfirmed Takeover Chatter

Palo Alto Networks Inc PANW shares are trading higher by $2.90 at $117.95 in Friday's session.

The stock, which has been hammered since its Q2 report, had fallen from its February 28 close ($151.90) to as low as $113.70 on March 6. Following that low print, it put in a trio of lows at the $114.00 area, which has provided the foundation for the current rally.

After a flat open, Palo Alto's stock quickly found support just under Thursday's close ($115.05) at $114.91 and began to move higher. When the rumor circulated around 10:20 a.m. ET, the pace of the rally accelerated. The continuation move took the issue all the way to $119.40 before retreating to its current level.

The highest level it has traded at since its Q2 report was on March 1 at $120.99.