Netflix closed up 4.14% on Monday after rumors flew around Wall Street about a possible takeover by Disney, according to MarketWatch.
Netflix was up as high as $104.40 in trading on Tuesday.
The chatter began on Friday and has continued. In a note, Baird analyst William Power wrote about “recent M&A rumors,” saying that “whether Disney, Apple, or someone else, Netflix could become a target,” MarketWatch reports.
On Monday, Netflix stock reached its highest point since May. While Netflix was the darling of Wall Street in 2015, and the S&P’s top performer at +134%, it has been a rocky 2016. At the end of September, Netflix was down about 14% for the year.
The takeover rumors, however, could prove completely unfounded. While Drexel Hamilton analyst Tony Wible told Bloomberg the rally could be due to Disney/Netflix rumors, he also said that “Netflix hasn’t shown it wants to be acquired.”
Even so, Disney has shown interest in the streaming space, recently investing $1 billion in BAMTech, the MLB’s streaming and tech arm.
Netflix reports earnings on October 17.