Why Gogo's Shares Surged 50% in September
Shares of in-flight broadband service provider Gogo (NASDAQ: GOGO) jumped 50% higher in September, according to data from S&P Global Market Intelligence. The company drove this surge with a one-two punch of meaty press releases. At this point, Gogo's stock has gained 80% year to date.
First, Gogo's shares rose 11% in a single day on the announcement of 1,500 completed system installations. That's still a very small slice of a global market with roughly 17,000 airliners aloft at any given time. But it's also a headline-ready round number that shows steady progress from less than 1,300 installations in January.
The next week, Gogo enjoyed another buzz thanks to public comments by an executive from Delta Air Lines (NYSE: DAL). Share prices surged another 10% on the revelation that Delta wants to set itself apart from the competition by offering free Wi-Fi on every flight.
Source Fool.com
