Marchex, Inc. (NASDAQ: MCHX)
Marchex is having an incredibly strong day in the market today. When the trading session opened, the stock was already trading on incredible gains. While it has corrected a bit since the opening bell, the stock is still trading with impressive profits. Below, we’ll talk about what we’re seeing from MCHS, why, and what we’ll be watching for ahead.
What We’re Seeing From MCHX
As mentioned above, Marchex climbed dramatically in pre-market trading. As a result, when the opening bell rang, the stock was already seeing incredible gains. Since then, we’ve seen some downward movement, bringing the price to a more realistic point. Nonetheless, the stock is still holding onto impressive gains. At the moment (10:12), MCHX is trading at $2.98 per share after a gain of $0.43 per share (17.13%) thus far today.
Why The Stock Is Gaining
As is almost always the case, our partners at Trade Ideas were the first to inform us of the movement on MCHX. As soon as they did, the CNA Finance team started digging to see exactly what was causing the movement. In this case, it didn’t take long to dig up the story. The gains are the result of an announcement of a partnership with Facebook.
Early this morning, it was announced that company entered into a partnership agreement surrounding their social analytics solution. The partnership is designed to turn the solution into an industry-leading analytics platform known as Marchex Omnichannel Analytics Cloud. As a result of the partnership, Facebook hopes to ensure that the most reliable and advanced call analytics are available to marketers using their platform. In a statement, Doug Weiss, Product Partner Manager at Facebook, had the following to offer about the MCHX partnership:
“At Facebook, we know how powerful a mobile device is, and we’re proud to have created one of the most powerful platforms for global brands to reach their audiences…With that power comes an acute responsibility to provide accurate data that enables brands to understand how this engagement on Facebook might be driving interactions off of Facebook. Partnering with Marchex to couple rich call analytics with Facebook’s own data is a significant step forward for marketers who must understand their audience and make sound, real-time decisions to increase their revenue.”
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on MCHX. In particular, we’ll be watching for details with regard to the progression of these plans and both how and when this equates to dollars for the company. We’ll be watching the story closely and bringing it to you as it breaks!
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