ZOOM starts playing in the big league of tech companies.
Yesterday was a day of records for ZOOM. It seems that the pandemic had a beneficial effect on tech companies. ZOOM closed at an all-time high, after it gained 8.9%, ending the day at $239.02.
BofA securities acknowledged the impact that the tech companies had in easing the way of communication in lockdown. It named ZOOM - the leader of videoconferencing software. Alongside ZOOM, Microsoft and RingCentral Inc. were mentioned.
ZOOM served some bad news also. Last week it announced that free users wouldn't have encrypted calls anymore, as the company tries to comply and work with law enforcement agencies and FBI if ZOOM is used in bad faith. The encrypted calls will be a feature available only to those who have fully verifiable accounts.
USA500 added 0.8%, while TECH100 gained 1.4%. This year, USA500 fell 5%, while TECH100 gained 8%.
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Sources: marketwatch.com, forbes.com
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