Twilio, the tech company that had a blockbuster initial public offering last week, is on fire again.
Shares of the company, which makes communications software, were up as high as 21% in midday trading, at $33 – a new high. They finished the day up about 10%.
The broader market is enjoying a bounce-back on Tuesday, after the massive sell-off triggered by the Brexit vote last week. But Twilio’s pop is much bigger than the Nasdaq Composite’s 60 point increase, which finished up about 2%.
And Twilio’s gains on Tuesday exceeded its lost ground, about 5%, over the past couple of days.
There’s no immediate news about Twilio’s business. On Monday, CNBC “Mad Money” host Jim Cramer endorsed the company, calling it a “unicorn with real value” and noting that the market “may be willing to pay up for growth again.”
Here’s what the spike looked like early in the day.
- Yahoo Finance