Here's Why Opendoor Technologies Is Soaring Today

After real estate technology company Zillow (NASDAQ: Z)(NASDAQ: ZG) decided to pull the plug on its money-losing iBuying business a couple of weeks ago, many investors grew concerned that other companies in that niche might be having similar problems. But leading iBuyer Opendoor Technologies (NASDAQ: OPEN) seems to have calmed investor fears for the time being with the third-quarter earnings report it released after the close Wednesday.

The numbers looked strong, especially considering that Zillow's iBuying business performed so poorly. And as of 10:42 a.m. EST on Thursday, Opendoor's stock was trading higher by more than 18%.

Image source: Getty Images.

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Source Fool.com