Movie Gallery (MOVI) Jumps on More Takeover Chatter

Shares of Movie Gallery Inc. (Nasdaq: MOVI) ramped higher mid-day Tuesday for no apparent reason. Afternoon reports from Reuters stated the move could have been related to re-hashed takeover rumors. Recently there have been questionable rumors equally-troubled rival, Blockbuster (NYSE: BBI) could offer to buy the company.

It should also be noted that some hedgies have been playing the stock and could have triggered a short squeeze situation.