Futures indicate a higher open this morning after a three day losing streak for all three benchmarks. The Nasdaq and the S&P try to hold onto weekly gains while the Dow dipped into negative territory.
COVID-19 cases are on the rise in 39 U.S. states and across Europe, with some countries already enforcing more stringent restrictions. As a result of the coronavirus, some major companies, like Amazon, are planning a more expansive and lasting “work from home” scenario, for the safety of their employees. Many of the obvious work from home stocks have stacked on astronomical gains in the wake of the pandemic. For instance, Zoom stock is up more than 680% YTD. But there are some small and-mid-cap tech companies with plenty of runway ahead of them.
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Dropbox Inc (DBX) has been benefitting from the evolving demand for seamless enterprise communication tools. The company offers a platform that enables users to store and share files, photos, videos, audio files and documents. Increasing demand for cloud storage, triggered by the coronavirus crisis imposed work-from-home wave, has been acting as a tailwind DBX. Further, integration with leading apps like Zoom Video, Slack and Atlassian are likely to expand the Dropbox paying user base over the long run.
Working from home could be a lasting reality for many citizens and Dropbox Inc. seems to be poised to benefit in the years to come.
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