Almost everyday in the past two months there has been at least one or two stocks a day that are rumored to be takeover candidates. Ever since August 17th, 2010 when Potash Sask Inc. (NYSE:POT) received a takeover bid from BHP Billiton Ltd. (NYSE:BHP) for a huge premium the stock market has gone into a takeover mania. There are now tons of stocks that have these takeover premiums built into them.
Yesterday, the latest takeover rumor was Microsoft Corp. (NASDAQ:MSFT) looking at buying Adobe Systems Inc. (NASDAQ:ADBE). Adobe Systems was trading around $25.45 before the takeover chatter began. The stock traded as high as $30.00 intra-day before settling at $28.69 as of yesterday's close This morning Adobe Systems is trading lower by $1.73 to $26.97. The reminds me of something out of the original movie Wall Street when Bud Fox told his buddies buy the fictional Teldar Paper and Blue Star Airlines. This crazy action seems to take place every single day.