Why Rumble Stock Is Absolutely Crushing the Market This Week
Shares of video platform Rumble (NASDAQ: RUM) are up a whopping 63% this week, as of 2:10 p.m. ET on Friday, according to data provided by S&P Global Market Intelligence. For comparison, the S&P 500 is only up 3.6% over this time. Helping boost its full-week gains, Rumble stock was also up 15% on Friday alone even though there wasn't any real news from the company.
Regarding concrete news from the company, there were two official Rumble press releases this week. First, the company launched a merchandise store on Monday, where fans of the brand could pre-order T-shirts and hats. Today, Rumble announced that YouTuber JP Sears would put his new comedy special exclusively on Locals -- a platform owned by Rumble -- and create a subscription-based community. But for the record, this news was announced earlier in the week by Locals.
Rumble is seen as an alternative to Alphabet's YouTube platform and the company aspires to have a cloud product comparable to Amazon's Amazon Web Services. Both companies reported financial results this week and both stocks fell immediately afterward. It's possible that investors are interpreting this perceived weakness from Alphabet and Amazon as Rumble's opportunity.
Source Fool.com
