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Stocks started strong Thursday but ended the day with a whimper as rising treasury yields put a damper on beaten-up bulls. Amid the action, several rumors drove trading action in select names. Below we highlight a few:
Vertiv Holdings (NYSE:VRT) shares jumped 8% after activist hedge fund Starboard Value LP disclosed a new 7.4% stake. The hedge fund is said to be seeking operational improvements at Vertiv, however, speculators think an eventual sale may be in the cards.
Olaplex (NASDAQ:OLPX) shares plunged 57% on Wednesday following its warning for Q3 and the year. That prompted analysts at Goldman Sachs to highlight the company as a potential takeover target amid the drastic sell-off. Despite the chatter, shares fell another 3.5% today.
Twitter (NYSE:TWTR) shares gained 1.1% as CNBC’s David Faber reported that Wall Street firms are “furiously” seeking to raise equity for Elon Musk’s takeover. There were also some worries Musk would have to sell some more Tesla (NASDAQ:TSLA) stock to fund the deal. Shares of Tesla fell 6.7% today despite solid earnings and Musk’s hint at an upcoming $5-$10 billion buyback. Musk even commented that Tesla could one day be worth more than Apple (NASDAQ:AAPL) and Saudi Aramco (TADAWUL:2222) combined, all to no avail for bulls.
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