Pinterest trades over 6% higher after reports emerged that Microsoft was interested in buying the tech image firm for $51 billion.
Talks are not currently active. This would have formed part of Microsoft's strategy to build a portfolio of online communities to run in addition to its cloud business.
Should this deal become active again, it would certainly test the Biden administration’s appetite for allowing powerful tech firms to come together and strike a deal.
The stock has surged to an all time high after shooting up from a low of $10 a share in March to today’s $87 per share. The RSI has tipped into overbought territory so warrants caution.