In Wednesday’s Daily Blitz, we take a look at social media stock Pinterest.
The stock recently traded well below its 20-day and 50-day moving averages, but has rallied on rumors that fintech company Paypal is interested in pursuing an acquisition.
Paypal would reportedly buy the company for $70 per share, valuing the social media site at roughly $39 billion. The news sent the stock up more than $10 per share from its early October lows, up to around $63 per share.
There was also a lot of action in steel stocks on Wednesday, with Nucor, U.S. Steel, Cleveland-Cliffs and others all seeing institutional buying.
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