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Stocks fell Wednesday after Target (NYSE:TGT) issued another dire profit warning, which sent shockwaves throughout the retail sector. Also, in the chip space, Micron (NASDAQ:MU) warned that it would have to cut DRAM and NAND water starts by 20%. Despite the downside action, several rumors swirled around Wall Street. Below we highlighted a couple:
3M Company (NYSE:MMM) fell 1.9% despite rumors that an activist investor could be building a stake. The rumor started after analysts noticed that a major brokerage firm built a large stake in MMM during the third quarter. This is thought to be on behalf of the potential activist.
Oak Street Health (NYSE:OSH) jumped mid-day, before giving back those gains, on a vague rumor that CVS Health Corp (NYSE:CVS) could target the company in a takeover. CVS has said recently that it is targeting M&A for primary care centers. Cano Health Inc (NYSE:CANO) has been the rumored name in the sector, but its stock has fallen out of bed as a deal for the company is now seen as less likely. Speculators are likely looking at alternatives for CVS to target, sparking the OSH chatter.
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