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Why Poet Technologies Stock Skyrocketed Today
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After a pullback in yesterday's trading, Poet Technologies ( POET +28.84% ) stock went on to deliver a massive rally in Friday's trading.
Key facts
- After a pullback in yesterday's trading, Poet Technologies ( POET +28.84% ) stock went on to deliver a massive rally in Friday's trading
- While management had previously guided for an order of roughly $5 million this year from a leading data-center systems integrator, confirmation that the company in question is Marvell is a bullish
- Poet CFO Thomas Mika recently confirmed that Poet has secured orders with a company that Marvell acquired earlier this year
- While the market bristled at ServiceNow's quarterly results yesterday and broadly sold out of software and technology stocks, the trend proved to be short-lived
Summary
While the market bristled at ServiceNow's quarterly results yesterday and broadly sold out of software and technology stocks, the trend proved to be short-lived. On the heels of a big run-up, Poet stock got hit with a pullback in yesterday's trading as investors took a more cautious approach to tech stocks in response to ServiceNow's Q1 reports and other industry-outlook shifts. Poet CFO Thomas Mika recently confirmed that Poet has secured orders with a company that Marvell acquired earlier this year.