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Imax jumps briefly on fake news of acquisition |
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| Sep 30, 2009 08:40 PM UTC |
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Tracked Blogger
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Via BloggingStocks:
Filed under: Scandals  A fake press release circled the internet this morning, reporting that Disney (NYSE: DIS) was acquiring Imax (NASDAQ: IMAX) for $1.5 billion -- a premium of 90% to the company's market capitalization.Shares of Imax jumped 6% on the news, but it was quickly squashed by the company which said in a statement that "[Imax] has not been acquired, nor is it in discussions with The Walt Disney Company about a potential acquisition." There are a couple possibilities here. One is the pump and dump scenario, where someone bought a bunch of share -- or options -- hoping to pump up the stock price ever so briefly, cash out, and book a nice windfall before the stock came back down to earth. Continue reading Imax jumps briefly on fake news of acquisition Imax jumps briefly on fake news of acquisition originally appeared on BloggingStocks on Wed, 30 Sep 2009 15:40:00 EST. Please see our terms for use of feeds. Permalink | Email this | Comments
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