Pinterest stock surges after $39 billion PayPal takeover report

Shares of Pinterest rose sharply and were halted twice by the Nasdaq, amid reports of a takeover approach from PayPal. People with knowledge of the matter told Bloomberg News that PayPal may acquire the social media company, noting talks of a potential price of $70 a share, a level that would value Pinterest at around $39 billion. Company went public in April 2019, where it was valued at just more than $10 billion. Pinterest officials declined to comment on the report.

Pinterest (PINS.US) stock rose sharply during today's session, however buyers failed to break above resistance $69.30 which coincides with 23.6% Fibonacci retracement of the upward wave launched in March 2020, lower limit of the wedge formation and 200 SMA (red line). The nearest major support lies at $49.00. Source: xStation5