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Keat1996
2021-08-30

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This Unknown Nasdaq Stock Just Doubled Friday

Yet there are better stocks to focus on. Key Points Markets surged on the Fed's stance on monetary

This Unknown Nasdaq Stock Just Doubled Friday

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Sing2me
·2021-08-30
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That was especially good news for the growth-heavy<b>Nasdaq Composite</b>(NASDAQINDEX:^IXIC), which was up more than 1% at midday on Friday.</p>\n<p>It isn't every day that you see aNasdaq stockdouble in value, but that happened on Friday. Below, we'll take a closer look at<b>Support.com</b>(NASDAQ:SPRT)and what made it rise so much, along with examining some better-known stocks with more modest but still respectable gains on the day.</p>\n<p>Shares of Support.com soared more than 130% at midday on Friday. The move followed a better than40% rise for the fledgling software companyon Thursday, and reflects a combination of factors that once again show that retail investors are playing a major role in how individual stocks move.</p>\n<p>Support.com has historically sought to provide outsourced customer support functions for business customers, looking to serve industries across the economy with voice, chat, and self-serve customer service functions. Yet the company took an interest in the cryptocurrency arena earlier this year, announcing a merger with crypto mining company Greenidge Generation. That has linked the company's fortunes to those of the cryptocurrency market, and with prices of many of the most-followed crypto tokens having recovered substantially in recent weeks, Support.com has gained more attention.</p>\n<p>In fact, that heightened visibility from retail investors might well have spawned the big move higher for Support.com. Like many other stocks that retail investors have focused their efforts on lately, Support.com has a substantial following of institutional investors that are selling the stock short. That's reopened a playbook that individual investors have used on a number of occasions in 2021 to try to prompt a short squeeze, and that's a big part of why a stock that was priced at $2 per share as recently March is now sporting a share price 25 times that level currently.</p>\n<p>As market participants have learned from the experiences of companies like<b>AMC Entertainment Holdings</b>and<b>GameStop</b>, share prices can stay at elevated levels for a long time even when there are substantial challenges that their underlying fundamental businesses still have to overcome. Support.com's inconsistent profitability and falling revenue make it an unlikely candidate for a rebound, but that doesn't mean the stock won't keep soaring from here.</p>\n<p><b>A good day for growth stocks</b></p>\n<p>More broadly, growth investors reacted favorably to the Fed news. High-growth stocks benefit from the availability of cheap financing and the added value of future earnings from low interest rates, so the Fed's relatively dovish stance fits well with most of their business models. For instance,<b>Coupa Software</b>(NASDAQ:COUP)was up 6% early Friday afternoon, while<b>GoodRx Holdings</b>(NASDAQ:GDRX)picked up 5%.</p>\n<p>Earnings also provided some boosts.<b>Workday</b>(NASDAQ:WDAY)climbed 10% after posting strong results on Thursday afternoon. Generally, software-as-a-service companies have fared well, and low rates help support the value of their recurring revenue far into the future as well.</p>\n<p>Smart investors should focus more on the long-term prospects for proven successful businesses than on companies with weak fundamentals getting attention for technical reasons. The same stocks that double in a day can get cut in half the next for no additional reason, but great companies can often generate huge returns that will benefit investors for years to come.</p>\n<p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>This Unknown Nasdaq Stock Just Doubled Friday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThis Unknown Nasdaq Stock Just Doubled Friday\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-30 14:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/08/27/this-unknown-nasdaq-stock-just-doubled-friday/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Yet there are better stocks to focus on.\n\nKey Points\n\nMarkets surged on the Fed's stance on monetary policy.\nSupport.com got a huge boost unrelated to fundamental business factors.\nOther high-growth ...</p>\n\n<a href=\"https://www.fool.com/investing/2021/08/27/this-unknown-nasdaq-stock-just-doubled-friday/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.fool.com/investing/2021/08/27/this-unknown-nasdaq-stock-just-doubled-friday/?source=eptyholnk0000202&utm_source=yahoo-host&utm_medium=feed&utm_campaign=article","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175862316","content_text":"Yet there are better stocks to focus on.\n\nKey Points\n\nMarkets surged on the Fed's stance on monetary policy.\nSupport.com got a huge boost unrelated to fundamental business factors.\nOther high-growth stocks are better bets for the long run.\n\n\nMarkets moved sharply higher on Friday, as investors reacted favorably to positive comments from Federal Reserve Chairman Jerome Powell at the central bank's symposium in Jackson Hole, Wyoming. That was especially good news for the growth-heavyNasdaq Composite(NASDAQINDEX:^IXIC), which was up more than 1% at midday on Friday.\nIt isn't every day that you see aNasdaq stockdouble in value, but that happened on Friday. Below, we'll take a closer look atSupport.com(NASDAQ:SPRT)and what made it rise so much, along with examining some better-known stocks with more modest but still respectable gains on the day.\nShares of Support.com soared more than 130% at midday on Friday. The move followed a better than40% rise for the fledgling software companyon Thursday, and reflects a combination of factors that once again show that retail investors are playing a major role in how individual stocks move.\nSupport.com has historically sought to provide outsourced customer support functions for business customers, looking to serve industries across the economy with voice, chat, and self-serve customer service functions. Yet the company took an interest in the cryptocurrency arena earlier this year, announcing a merger with crypto mining company Greenidge Generation. That has linked the company's fortunes to those of the cryptocurrency market, and with prices of many of the most-followed crypto tokens having recovered substantially in recent weeks, Support.com has gained more attention.\nIn fact, that heightened visibility from retail investors might well have spawned the big move higher for Support.com. Like many other stocks that retail investors have focused their efforts on lately, Support.com has a substantial following of institutional investors that are selling the stock short. That's reopened a playbook that individual investors have used on a number of occasions in 2021 to try to prompt a short squeeze, and that's a big part of why a stock that was priced at $2 per share as recently March is now sporting a share price 25 times that level currently.\nAs market participants have learned from the experiences of companies likeAMC Entertainment HoldingsandGameStop, share prices can stay at elevated levels for a long time even when there are substantial challenges that their underlying fundamental businesses still have to overcome. Support.com's inconsistent profitability and falling revenue make it an unlikely candidate for a rebound, but that doesn't mean the stock won't keep soaring from here.\nA good day for growth stocks\nMore broadly, growth investors reacted favorably to the Fed news. High-growth stocks benefit from the availability of cheap financing and the added value of future earnings from low interest rates, so the Fed's relatively dovish stance fits well with most of their business models. For instance,Coupa Software(NASDAQ:COUP)was up 6% early Friday afternoon, whileGoodRx Holdings(NASDAQ:GDRX)picked up 5%.\nEarnings also provided some boosts.Workday(NASDAQ:WDAY)climbed 10% after posting strong results on Thursday afternoon. Generally, software-as-a-service companies have fared well, and low rates help support the value of their recurring revenue far into the future as well.\nSmart investors should focus more on the long-term prospects for proven successful businesses than on companies with weak fundamentals getting attention for technical reasons. 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