CRM - Here's Why Many Cloud Computing Stocks Soared Last Month
Chatter surrounding the then-rumored buyout of Slack Technologies (NYSE: WORK) by salesforce.com (NYSE: CRM) lifted share prices of many cloud computing stocks in November 2020. Slack led the charge with a gain of 67.6%, according to data from S&P Global Market Intelligence . Sumo Logic (NASDAQ: SUMO) followed close behind with a one-month return of 51.6%. MongoDB (NASDAQ: MDB) posted a 25.8% jump in 30 days. Salesforce investors were less excited by the deal rumors, leaving the stock far behind with a November gain of just 5.8%.
Where will the next piece fit? Image source: Getty Images.
If cloud-based business collaboration specialist Slack could find a buyer even though its stock price had nearly doubled year to date, other companies in that explosive sector might be in line for similar exit deals. That's the logic behind these big jumps.
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Here's Why Many Cloud Computing Stocks Soared Last Month