Rumor Mill Alive And Well In Salesforce

Salesforce.com, inc. CRM shares are trading higher by $2.70 at $85.67 in Wednesday's session.

Like many times in the past, the company has been rumored as a takeover target. The latest rumor Wednesday morning has been attributed to Street Insider.

The stock had already been trading higher along with the broad market. After a higher open, it had a brief retreat but quickly found support just above Tuesday's close ($82.97) at $83.01 and resumed its move higher.

The pace of the rally accelerated around 10:45 a.m. ET when salesforce's stock was trading at the $84.50 area, or $1.53 above Tuesday's closing price. That area coincides with its former all-time high of $84.48.

Within a few minutes, it spiked to $86.42, but has been unable to hold that elevated. Instead, it had a retreat to the $84.50 area (where it was before the rumor came out) and has worked its way back into the mid-$85.00 handle.