Why Snowflake Stock Soared Today
Snowflake (NYSE: SNOW) stock made big gains in Friday's trading. The data technology company's share price ended the daily session up 9.4%, according to data from S&P Global Market Intelligence.
While there wasn't any company-specific news driving Snowflake higher today, the company's valuation benefited from strong earnings results published by leading cloud services providers. In particular, Amazon's better-than-expected fourth-quarter results helped give Snowflake's share price a major boost.
Snowflake is a leading provider of data-warehousing services and related analytics and data management technologies. The company's Data Cloud platform helps large businesses and organizations combine information that is generated across Amazon, Microsoft, and 's cloud infrastructure services. In turn, strong demand indicators for leading cloud infrastructure providers tend to bode well for Snowflake's performance.
Source Fool.com
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