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#Zoom video jumps to record with market cap now above $50 billion

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Monday, 01 June, 2020, 21:45
#Zoom video jumps to record with market cap now above $50 billion

Zoom Video Communications Inc. soared to a record on Friday with a rally in the last hour of trading helping the company close with a market value above $50 billion for the first time.The maker of video conferencing software rose 9.7% to $179.48, giving it a market value of $50.6 billion, bigger than tractor maker Deere & Co. and pharmaceutical company Biogen Inc. While there was no clear reason for the steep rise, technology stocks were the best performing group in the S&P 500 Index, and investors may be positioning ahead of Zoom’s earnings report expected on Tuesday.