Why Palantir Technologies Stock Popped on Thursday
Shares of Palantir Technologies (NYSE: PLTR) popped higher on Thursday morning, defying the general market downturn. The stock jumped as much as 4.9% but was up about 1.4% as of 3:12 p.m. ET -- even as the three major indexes got crushed, as the S&P 500 and the Nasdaq Composite plunged 2.6% and 3.5%, respectively.
The catalyst that sent the machine learning software and data mining specialist higher was news the company will continue its work with the U.S. Army on several fronts.
First, Palantir announced that its contract with the U.S. Army Research Laboratory has been extended. The company's work will "support all branches of the Armed Services, Joint Staff, and Special Forces as they test, utilize, and scale artificial intelligence and machine learning capabilities across the Department of Defense." The one-year contract extension is worth $229 million.
Source Fool.com
