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After Monday's close, Corel (CORL – 5-13/16) announced that longtime rival Microsoft (MSFT – 58-1/2) agreed to invest $135 million in the company. CORL and MSFT also said that they will work together to develop new products. In response to this news, CORL was raised to a "market perform" from an "underperform" by a brokerage firm.
The stock has jumped just over two points, or more than 59 percent, this morning, sending the shares to their top intraday mark since May 3. The security is now trading back above all of its significant short-term and intermediate-term moving averages.
In CORL's options pit today, 1,109 contracts have crossed the tape on the out-of-the-money October 5 put. This activity could be liquidations, as the option has open interest of 1,421 contracts.