Investors may want to consider trading the short side of Electronic Arts (EA).
While the rest of the market fell apart, shares of EA gapped $4.56 higher on the day. All on speculation Amazon put in an offer to acquire the gaming company.
However, according to CNBC tweet, “Amazon is not going to make a bid for Electronic Arts, sources tell CNBC’s David Faber. Shares of EA surged earlier on a report citing a ‘rumor.’” That was then followed up by a statement from USA Today, which noted, “USA Today put a statement in the original report stating that their content partner who ran the story, GLHF, had violated their editorial standards for ‘unnamed and unvetted sources.’”
It’s just something to consider if you’re looking for opportunities this week.