Gilead move higher attributed to activist speculation
The move higher in shares of Gilead Sciences is being attributed to speculation of an activist stake by Dan Loeb's Third Point. The unsubstantiated chatter has Third Point taking a stake and pushing for board representation, traders tell The Fly. Shares of Gilead are up 35c to $73.62 in morning trading. The Fly, in fulfilling its mission of explaining stock movement, often comes across the many unconfirmed rumors being passed through trading desks and social media platforms. On the occasion that rumors or speculation appear on The Fly's news feed, it should be viewed not as giving credence to the conjecture, rather as simply highlighting its impact on the stock prices of the companies involved.