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What: In Thursday's trading session, shares of TubeMogul (NASDAQ:TUBE) have been rising all day long on above-average trading volume. Share prices increased as much as 11.6% before retreating closer to a 10% gain in the afternoon. There was no news behind this move, which essentially canceled out the shareholder pain of TubeMogul's last two market days.

So what: The advertising software vendor is gearing up for a proper second-quarter report on the evening of Monday, Aug. 8. That was not the event behind today's rise.

None of TubeMogul's close rivals are moving much today, with the exception of The Rubicon Project regaining some lost ground from an earnings-related 33% crash on Wednesday. But TubeMogul didn't follow suit on the way down, and today's upward move looks just as unrelated to Rubicon's fortunes.

Now what: The moderately heavy trading volume may point to large shareholders setting their bets ahead of Monday's earnings call. Keep an eye on that event for some real TubeMogul news -- there's none to be had today.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.