News Corp stock is up today as Rupert Murdoch testifies before Parliament. The obvious connection to make is that Murdoch's testimony must be going well so that's why the stock is up after being dumped last week. However, things are not so simple.
The US stock market opened at 9:30 am EST. At that time Murdoch had not even begun to testify but the stock gapped up on the open more than 4%. Since the opening minutes the stock has ranged with gains of between 4% and 5%.
So who is buying News Corp stock? Is this a sudden rush by the public and by financial institutions who are sure the worst is over? Perhaps. But there's a much more obvious buyer with a strong vested interest in timing a stock rise with the testimony of the Murdoch's before Parliament. That buyer of course is News Corp and Murdoch himself.