Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Exelixis
So what: Momentum traders have gotten a hold of this stock, pushing it consistently higher throughout the day today. Just before close, volume stood at 3.4 million shares, far exceeding the average volume of 1.4 million shares.
Now what: There are also rumors of a buyout swirling, but nothing concrete, so it could be a move on leaked information. Regardless, this momentum traders' dream poses a lot of risks for the long-term investor who isn't watching the stock every minute. I'm going to stay away for today and wait for some concrete news before making a move.
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