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Video Game Stocks Pop Midday Amid M&A Rumors

Published 03/13/2019, 11:27 AM
Updated 03/13/2019, 11:39 AM
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Investing.com - Video game stocks were getting lots of play in midday trading Wednesday amid rumors that Take-Two (NASDAQ:TTWO) could get a takeover bid soon.

Speculation over a possible merger or acquisition of the company has been making the rounds of the market, Briefing.com reported. And call option volume in Take-Two and rival Activision Blizzard (NASDAQ:ATVI) jumped.

Conjecture over a possible three-way merger between CBS (NYSE:CBS), Viacom (NASDAQ:VIAB) and Take-Two emerged in November, but whether or not these rumors are related to that deal is yet to be confirmed.

Overall the sector increased, with the S&P 500 consumer discretionary index up 0.2%.

Take-Two was up 3.6% midday, while Electronic Arts (NASDAQ:EA) rose 1.2% and Activision jumped 2.4%. GameStop (NYSE:GME) inched up 0.9%, while Zynga (NASDAQ:ZNGA) gained 2.6%.

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