Here's Why Opendoor Technologies Is Rising Today

The S&P 500 index was modestly higher for most of Thursday morning, but real estate technology company Opendoor Technologies (NASDAQ: OPEN) was a major standout. As of 12:30 p.m. EDT, Opendoor's share price had rocketed higher by more than 17%.

There are a couple of potential reasons for Opendoor's move today.

For one thing, iBuying stocks had largely taken a hit in recent days after Zillow (NASDAQ: Z) (NASDAQ: ZG) announced its decision to exit the business entirely. However, with Opendoor's business reportedly going quite well (we'll get actual earnings results next week), it appears these fears are overblown. In fact, with the second-largest iBuying company calling it quits, it reduces Opendoor's competition and creates an even larger growth opportunity.

Source Fool.com