PLTR - Why Palantir Technologies Stock Rallied on Thursday
Shares of Palantir Technologies (NYSE: PLTR) popped higher on Thursday, defying the general market downtrend. The stock jumped as much as 5.1%, but was up 4.8% to close out the day.
The catalyst that sent the machine learning software and data mining specialist higher was news the company will partner with defense contractor Lockheed Martin (NYSE: LMT) on projects for the U.S. Navy.
Palantir announced it will work with Lockheed Martin on projects "focused on delivering modern software to support todays and tomorrows Navy combat systems by leveraging Lockheed Martin's deep technical experience, and Palantir's Apollo platform." In plain language, the partnership will work to modernize combat systems used by the Navy's surface fleet.
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Why Palantir Technologies Stock Rallied on Thursday