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Why Appen, Caltex, Cann, & IPH shares are storming higher

In afternoon trade the S&P/ASX 200 index is continuing its positive run and looks set to record another solid gain. At the time of writing the benchmark index is up 0.8% to 6,783 points.

Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:

The Appen Ltd (ASX: APX) share price is up 2.5% to $24.40. This follows a strong night of trade on Wall Street which saw the technology-focused Nasdaq index race 1.3% higher. Appen isn’t the only tech share pushing higher today. At the time of writing the S&P/ASX 200 Info Tech index is up 0.7%.

The Caltex Australia Limited (ASX: CTX) share price has rocketed 12% higher to $33.41. This follows an announcement out of the fuel retailer confirming the receipt of an unsolicited takeover proposal from Alimentation Couche-Tard. The offer has an indicative cash price of $34.50 cash per share, less any dividends declared by Caltex. The Caltex board is currently considering the offer and notes that it previously rejected a $32.00 per share proposal.

The Cann Group Ltd (ASX: CAN) share price has jumped 18% to 52.5 cents. The cannabis company’s shares have rebounded strongly from a whopping 40% decline on Monday. Investors have been selling Cann’s shares amid concerns over the weaker than expected demand for cannabis products in North America and the oversupply of cannabis dry flower. Cann Group is currently constructing a massive growing facility in Victoria at significant cost. But it remains unclear whether it will be able to offload its supply given current market conditions.

The IPH Ltd (ASX: IPH) share price is up 5% to $8.73. This is despite there being no news out of the intellectual property company on Tuesday. However, IPH’s shares have been on fire since the release of its annual general meeting presentation last week.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.