Amid SPAC Hype, These 2 Stocks Had Legitimate Reasons to Rise Friday
Stock markets moved higher on Friday as comments from Fed Chair Jerome Powell briefly brought major market indexes down from their highs but didn't put a stop to the rally. Excitement about the prospects for technology and other innovative sectors of the economy remained pervasive heading into the weekend.
Moreover, there were signs of rising levels of fear about missing out on opportunities for quick profits, such as the 38% jump in shares of VinFast Auto (NASDAQ: VFS) as of 1 p.m. ET. VinFast just came public through a special purpose acquisition company (SPAC) merger in which more than 80% of shareholders redeemed their shares before the merger closed. The resulting thin float of less than 1% of the Vietnamese electric vehicle (EV) hopeful's outstanding shares lends itself to speculative fervor that makes extrapolation about the overall value of the company almost meaningless.
Yet there were some other stocks that actually had good reasons to see their shares rise. Ubiquiti (NYSE: UI) reported financial results that gave investors more optimism about the future, while BlackBerry (NYSE: BB) might be getting an interesting takeover proposal that has shareholders thinking about the best course of action going forward.
Source Fool.com
