Wednesday’s Headlines: Palantir Wins Huge Army Contract

Wednesday’s Headlines: Palantir Wins Huge Army Contract

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

Cloudflare (NET) +8.5%

Netflix (NFLX) +5.2%

Square (SQ) +4.3%

DocuSign (DOCU) +3.9%

Huazhu Hotels Group (HTHT) +3.9%

Moving Down ⬇️

Stitch Fix (SFIX) -5.4%

ShotSpotter (SSTI) -3.7%

Wix (WIX) -1.5%

Booking Holdings (BKNG) -1.1%

Zoom Communications (ZM) -0.9%

1. News of Palantir (PLTR) landing an $823 million U.S. Army deal sent shares rising after-hours. Six companies originally submitted proposals and last year, rival BAE announced that it had received an initial order. However, Palantir has now won the bake-off between the two to become the sole provider of data and analytics software to the Army. The controversial company said it will deploy its Gotham software platform to support Army Intelligence users across the globe. Palantir said the programme will provide: “modern data integration, correlation, fusion, and analytic capabilities that prepare the Army for the next fight against emerging near peer threats.” See more on the story here

2. On Tuesday, major technology stocks rallied after their recent sell-off sent some shares into correction territory. Making the most of the slump, many investors took this opportunity to buy the dip, triggering a wave of bargain hunting which sent tech stocks soaring. Big Tech fueled the gains, sending the Nasdaq Composite (QQQ) to its highest point in over a month. Netflix (NFLX) led the rally, jumping 5.2% to a fresh high, while Facebook (FB ) leaped 2.1% in the aftermath of its global service outage and Senate testimony from a whistleblower. Microsoft (MSFT), Google (GOOG), Apple (AAPL), and Amazon (AMZN) also all closed with gains of at least 1% as these megacap stocks looked very attractive to investors. Read more here

3. A rally in technology stocks was not the only thing pushing Netflix shares higher, with investors pouring into the stock after seeing the success of ‘Squid Game.’ The streaming service notched a record close yesterday after surging 5.2%. Marking the largest percentage gain since January 2020 when it jumped almost 17%, Netflix shareholders are getting excited as many are calling the show its best original hit yet. News outlets across the globe covered the viral success of ‘Squid Game’ and it has dominated discussion on popular apps TikTok and Twitter (TWTR). Also fueling bullish sentiment is a report which stated that Netflix leads in streaming-media consumption with 32% of total daily viewing among U.S. teens. Check out more on the story here