Shares of cloud service provider Akamai jumped Tuesday on a Bloomberg report of a strategic review by Morgan Stanley.

The stock rose as much as 5 percent in afternoon trading.

Akamai saw a similar bump in December on news that Elliott Management had bought a 6.5 percent stake in the company.

The hedge fund at the time indicated it would push the company to curtail wasteful spending and to improve what it deemed poor strategic planning for expanding into new markets, sources told Reuters.

Akamai reported net income of $60 million in the last quarter, according to SEC filings, down more than 20 percent from same period the year before.

This is a developing story. Please check back for updates.

Source: Tech CNBC
Akamai jumps on report of a strategic review by Morgan Stanley