Tomorrow marks the kickoff point for the next cycle of tech earnings, so the markets are on the precipice of a data deluge. Today we had a bit of a pre-show, with two things happening that are well worth our consideration: Box’s big trading day and Twitter’s fake acquisition news.
Up first, Box had a massive day, popping 6.49 percent to $18.05 per share. The jump for Box is likely welcome, as the company is essentially bouncing off of record lows. Shares in the company now value the enterprise file sharing and collaboration company north of $2 billion again. Box’s last private round remains stuck at a premium to its current value.
The Box rise is notable for its relative scale, and also for its import inside the mathmagical IPO game. While there are two technology IPOs later this week, the technology flotation game has been as low as the reservoir level here in California so far this year. Having Box decline as it had, before the bump, could have pitched the proverbial moist covering on investor sentiment.
How did Box manage an impressive rally today? There’s this view, at least [author’s note: Kill me]:
Moving ahead, Twitter got punk’d hard today, after a fake Bloomberg clone-site purported to report that the social firm was neck-deep in negotiation to sell itself for $31 billion. Twitter’s current market cap rests around the $22 billion mark.
Investors were obviously excited by the (fake) news. The stock did this:
false flag rumor was quickly shot down, and the pop dissipated. For Twitter’s IR team, I donate one beer, to be redeemed at the TechCrunch office, which is just a short walk through SOMA.
All told, after tomorrow’s regular trading, we are kicking off with Intel and Netflix earnings. Everyone else will follow. If you were looking for a wee flutter, things are now afoot.