Shares of Internet advertising specialist ValueClick have jumped nearly 7% higher today, with no official news crossing the wires. However, according to an analyst cited at MarketWatch, VCLK shares are jumping on takeover speculation, with Time Warner (TWX) , Microsoft (MSFT) and Yahoo! (YHOO) listed as among the potential suitors. All three have been at odds with Google (GOOG) in a bid for a piece of the growing advertising revenue on the Internet.

Today's news has taken shares of VCLK to the site of the stock's gap lower on July 30, when the company missed second-quarter earnings expectations and guided lower for fiscal 2007. So far today, VCLK has made only a brief incursion above the 22 level, and is now battling this resistance in order to move higher.

On the sharp move higher, short sellers are almost certainly getting squeezed a bit. Despite a 9% decline in VCLK short interest during the most recent reporting period, more than 11% of the stock's float remains sold short. However, it seems that options-related resistance is winning out in the end, as more than 5,000 calls reside at the 22.50 strike among near-term options. Should these rumors prove true, however, we could see a sharper rally in the shares later in the week.