DDOG - Why Specialty Tech Stocks Zoomed Higher on Thursday
2024-02-22 19:06:19 ET
When one flagship stock in an industry drops a piece of very good news, many peers get lifts simply by association. That was the impetus behind the notable share price advances of quite a few specialty tech stocks on the second-to-last trading day of the week.
Top cybersecurity companies landed in positive territory, with CrowdStrike Holdings (NASDAQ: CRWD) booking a more than 6% gain on the day and Palo Alto Networks (NASDAQ: PANW) rising by over 2% despite a Wednesday earnings release that really displeased the market. Cloud computing titles also did well, with Cloudflare (NYSE: NET) and Datadog (NASDAQ: DDOG) stocks both defying gravity by more than 4%.
These rises came on the heels of the massive shot in the arm that was Nvidia 's fourth-quarter and full-year 2024 results, released after market hours Wednesday. Not only did the company report ballooning revenue and profitability, but it also trounced analyst estimates for both headline numbers.
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Why Specialty Tech Stocks Zoomed Higher on Thursday