Shares of ThredUp (NASDAQ: TDUP), the online clothing resale site, were taking off today on news that rival Poshmark (NASDAQ: POSH) was getting acquired. Investors took that as a sign that a prospective buyer could appear for ThredUp.
As of 1:42 p.m. ET, ThredUp stock was up 18%, outperforming even Poshmark's 13.3% gain.
Poshmark, a larger online secondhand clothing site, said last night that it would be acquired by South Korea's Naver, the country's largest internet company and e-commerce platform, for $17.90 in cash, or $1.4 billion.
Source Fool.com