Shares of Fastly (NYSE: FSLY) climbed on Monday, following news that President Donald Trump is planning to approve a deal that will allow the cloud computing service provider's largest customer to continue to operate in the U.S.
As of 11:23 a.m. EDT, Fastly's stock was up more than 5% after rising as much as 9.7% earlier in the day.
The Trump administration has grown increasingly concerned about the surging popularity of social video app TikTok in recent months. In early August, President Trump demanded that TikTok's owner, Chinese internet company ByteDance, sell its U.S.-based operations or face a ban in the country. The situation has hung like a black cloud over Fastly's stock price, as TikTok is its biggest client.
Source Fool.com