(Bloomberg) — Palantir Technologies Inc. surged on Friday as Democrat Joe Biden moved closer to a victory in the U.S. presidential election.The stock rose as much as 26%, the most since its direct listing in September as many investors expect defense spending would be cut under a Biden administration.Palantir, which was co-founded by Peter Thiel, counts the U.S. Defense Department among its largest customers and could benefit from reduced spending because its software often costs less than similar offerings from traditional defense contractors.Its shares could also be benefiting from short sellers exiting their positions as the stock rises, according to …read more
Source:: Yahoo Finance
