Why Is Ideanomics (IDEX) Stock Up 32% Today?
Ideanomics (NASDAQ:IDEX) stock is soaring higher on Tuesday thanks to a new digital team and partnership with Alphabet’s (NASDAQ:GOOGL, NASDAQ:GOOG) Google Cloud.
Ideanomics’ main focus is on developing tech for electric vehicle charging. With this new data team, the company now has an OEM source to create standardized products to deploy across that sector.
To go along with that, the company has signed an agreement with Google Cloud. This has it agreeing to host its technology platform on Google Cloud for three years. The benefits its gains from this will be passed along to its partners.
Investors Are Reacting Positively to the Deal
Urs Hölzle, senior vice president of Infrastructure at Google Cloud, said the following about the partnership:
“Through this partnership, Google Cloud will support Ideanomics with our secure, flexible, and global cloud infrastructure so it can provide customers with the solutions they need to successfully operate integrated EV fleets.”
IDEX stock is seeing heavy trading today following its deal with Google Cloud. This has some 18 million shares of stock changing hands as of this writing. That’s a major increase over its daily average trading volume of about 6 million shares.
IDEX stock is up 32.4% as of Tuesday morning but is still down 74.1% since the start of the year.
Investors seeking out more of the latest stock market news are in luck!
InvestorPlace has all of the most recent stock market coverage traders need for Tuesday! Among that is what has shares of Mullen Automotive (NASDAQ:MULN) and Cleveland-Cliffs (NYSE:CLF) stock in the news today, as well as this morning’s biggest pre-market stock movers. You can catch up on all of that news at the following links!
More Tuesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.