PLTR Stock News: Palantir Technologies rides higher on momentum from US Army contract

NYSE:PLTR rose again on Wednesday amidst a rollercoaster of a session that saw the Dow Jones recover from a 450 point loss to a 100 point gain by the closing bell. Shares of Palantir climbed by 1.59% and closed the trading session at $23.58. The S&P 500 and NASDAQ both recovered as well with the major indices closing the day up by 0.4% respectively. To say it has been a volatile week is putting it lightly, but a temporary debt-ceiling extension from Senate GOP leader Mitch McConnell was enough to send the markets to the moon after reeling for most of the morning. 

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Palantir was moving higher in pre-market trading as well so the extra boost it was given provided another nice gain for the data analytics company. The stock carried over its momentum from after hours on Tuesday when the company announced that it had secured a massive $823 million contract to modernize the U.S. Army’s intelligence programs. The late breaking news on Tuesday saw shares jump by over 13% in extended trading hours, and investors were still buying up Palantir into Wednesday’s session. The contract marks some positive news for Palantir after losing a couple of high profile contracts in recent months. 

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On Wednesday, Palantir also announced the next cohort of start up companies that will be using the Foundry for Builders platform. The list includes ten brand new companies that will be utilizing the Foundry system to analyze data sets in accredited environments. Palantir initiated the Foundry for Builders platform earlier this year, and has been dedicated to helping new companies grow into potential partnerships for the future.