The hottest tech IPO around is rocketing up another 18%
Twilio, the tech company that had a blockbuster initial public offering last week, is on fire yet again.
Shares of the company, which makes cloud communications tools for software developers, were up as high as 18% in midday trading, at over $35 - a new record. It seems like Twilio can't stop exploding, enjoying steady and significant gains this week.
The broader market is enjoying a bounce-back this week, after the massive sell-off triggered by the Brexit vote last week. But Twilio's pop is much bigger than the Nasdaq Composite's current 78-point pop at the time of writing, which is around 1.67% up.
And Twilio's gains this week exceeded its lost ground in the Brexit aftermath, which was about 5% of its value, over the past couple of days.
There's no immediate news about Twilio's business. On Monday, CNBC "Mad Money" host Jim Cramer endorsed the company, calling it a "unicorn with real value" and noting that the market "may be willing to pay up for growth again." The broader market has praised Twilio's business plan and path to revenue growth.
Here's what the spike looked like at around noon eastern time.
