Slack spikes 32% following report of potential takeover by Salesforce

• Slack rocketed as much as 32% on Wednesday after The Wall Street Journal reported that Salesforce was in talks to acquire the workspace-communications company.
• Such a deal would likely value Slack at more than the $17 billion market cap it held before shares jumped.
• There's no guarantee the talks will lead to a takeover, and Salesforce could target another company for an acquisition, sources familiar with the matter told The Journal.
• Salesforce shares slid as much as 4% on the news.
• Watch Slack trade live here.

Slack leaped as much as 32% on Wednesday following a report of a potential acquisition by Salesforce.

The corporate-software company was in talks to buy Slack, The Wall Street Journal reported, citing people familiar with the matter. Such a deal would likely value Slack at more than the $17 billion market cap it boasted before shares spiked. That acquisition would also be Salesforce's largest yet.

There's no guarantee a deal will be reached, and Salesforce could target another company for a takeover, sources told The Journal.

Read more: Buy these 19 small-cap stocks that hedge funds have invested the most dollars in as smaller companies head for their strongest monthly outperformance ever, RBC says

The jump placed Slack shares at their highest since early June. The company made its market debut on June 20, 2019, with an opening price of $38.50.

Salesforce shares fell as much as 4% on the news.

Slack traded at $38.08 as of 11:55 a.m. ET, up 42% year-to-date. Slack has 14 "buy" ratings, 10 "hold" ratings, and three "sell" ratings from analysts.

Read more: 93 units with another 122 under contract: Here's how Emma Powell built a king-size real-estate investment portfolio leveraging a simple strategy