Why Palantir Stock Was a Winner on Wednesday
In contrast to the slump of the broader stock market, specialty tech company Palantir Technologies (NYSE: PLTR) edged up in price on Wednesday. The combination of a fresh new deal with a partner across the Pacific Ocean and an award from a respected research company pushed the stock up nearly 1% higher on the day.
After market hours on Tuesday, Palantir announced that it has expanded its cooperation with said partner, South Korea-based Hyundai Heavy Industries Group. Palantir will deliver its Palantir Foundry solution to businesses within the sprawling industrial conglomerate that concentrate on ship building. For Hyundai, this is part of a push to modernize its operations in the segment.
All told, the modification to the two companies' existing arrangement will be worth $20 million over the coming five years. That nearly doubles Palantir's take from Hyundai; across that half-decade stretch, the total contracts with the Asian company will tally more than $45 million.
Source Fool.com
