3 Rumors That Had Wall Street Buzzing Today

"Buy the rumor, sell the news" is alive and well on Wall Street as rumors continue to drive trading action. Today there were three interesting rumors that had trading desks buzzing:

1. Wix (NYSE: WIX) – Late Friday, activist hedge fund Starboard Value disclosed a 9% stake in the Israeli tech company. According to reports, the activist is going to work with management as it tries to become profitable. Starboard will not target board seats at this time. Truist Securities analyst said the activist involvement can "lead to improvements in execution and help unlock value in the business as Wix pursues its MT FCF margin goal of 20% along with healthy top line growth." The company said it has had and continues to have “constructive engagement” with the hedge fund. We will see how long that lasts.
2. KnowBe4 (NASDAQ: KNBE): The security software company received a $24/share takeover offer from private equity firm Vista Equity Partners. The company said it will review the offer. A Cowen analyst exclusively told StreetInsider.com that the stock could easily be worth in the "mid-to-high $20s" in a takeover. The analyst is sticking with his $28 price target.
3. Palo Alto Networks (NASDAQ: PANW). The cybersecurity powerhouse is said to be near a $600 million takeover of Israeli startup Apiiro, according to Calcalist.

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