Welcome to the last business day of the year showing of, “which rumor is true: the IMAX saga”. If you expected action like this out of a in play headline stock on a day like today you either have a sixth sense and you need to start a hedge fund based on that sense or your a lucky son of a B.
Anyway the rumor mill churning out all kinds of goodies this morning about IMAX. The first rumor was as follows
“Sony may bid north of $40 per share for IMAX, Daily Mail reports.”
This sent IMAX shares to 36 bucks pre market.. notice on the chart above.
“Sony, Disney in talks with IMAX about a takeover, BNN reportsCanada’s Business News Network confirms that Sony is preparing a takeover bid for IMAX at more than $40 a share.”
Dealbook goes onto say, “Daily Mail has mixed history of predicting takeovers, NY Times DealBook“
The really big hit came when the stock traded up to the 31 level then completely fell out of bed as the company IMAX responded to the rumor mill…
“IMAX responding to a request from the Investment Industry Regulatory Organization of Canada on behalf of the Toronto Stock Exchange following recent trading activity. IMAX is not aware of any corporate developments to account for this activity. The company’s policy is not to comment on rumors or speculation, and accordingly does not intend to comment further.”
IMAX shares traded as low as 28 bucks so far this session..