Why Palantir Stock Is Up Today
The Centers for Disease Control and Prevention (CDC) has renewed a software agreement with Palantir Technologies (NYSE: PLTR), awarding the tech company a new five-year, $443 million contract. Investors are applauding the deal, sending shares of Palantir up as much as 5% on Wednesday.
Palantir provides data analytics tools for government and commercial customers. The company's focus since going public in late 2020 has been on building out its commercial pipeline, but sales to government customers remain an important part of the business.
The CDC apparently has been pleased with the work Palantir has done for it. On Wednesday, the company announced a new contract to streamline Palantir's work with the agency to improve disease surveillance and better coordinate outbreak responses, among other tasks. For example, Palantir as part of this contract will work to support and implement the CDC's new Center for Forecasting and Outbreak Analytics initiative.
Source Fool.com
