Why Fastly Stock Was Up While the Market Fell Today
Shares of beleaguered internet infrastructure company Fastly (NYSE: FSLY) were up 2.2% today as of 11:30 a.m. ET. That compares to a 1.8% decline for the Nasdaq Composite Index. Fastly popped higher on Friday as well, as rumors were floated that Fastly could be a takeover target by Google-parent Alphabet (NASDAQ: GOOGL)(NASDAQ: GOOG).
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Google recently announced it will be acquiring cybersecurity outfit Mandiant (NASDAQ: MNDT) and adding it to its Google Cloud segment. Doing something similar with Fastly would make sense, too. Fastly's tech infrastructure helps its customers manage web content and data traffic. And after getting clobbered for well over a year now (the stock is down nearly 90% from all-time highs), Fastly has an enterprise value of just $2.59 billion. That's chump change for Google.
Source Fool.com
