Why Blucora Stock Surged 10.6% Higher This Week
Blucora Inc. (NASDAQ: BCOR) saw its stock price surge higher this week, up 10.6% from last Friday's close through 11:15 a.m. EST on Friday, according to S&P Global Market Intelligence. The financial stock has been one of the best performers in the sector this year, up about 44% year-to-date (YTD), trading at around $25 per share.
In an otherwise flat week, Blucora had a good week as the Dow Jones Industrial Average was up just 0.4%, but both the S&P 500 (-0.8%) and the Nasdaq Composite (- 2.6%) were down as of 11:15 a.m. EST Friday.
There was one main catalyst for Blucora this week: the closing of the sale of its TaxAct business on Monday, Dec. 19. The stock price shot up upon the announcement Monday that the deal had closed, and it remained up all week. Its price topped out at over $26 per share on Wednesday, up about 13.2%, and then settled back down a bit but remained at around $25 per share by the week's end.
Source Fool.com
