The Rubicon Project Inc (NYSE: RUBI)
The Rubicon Project is in the midst of an overwhelmingly strong trading session. When the market opened for the day, the stock was already trading on impressive gains. Since then, the stock has progressed with slow, yet steady upward movement. Below, we'll talk about what we're seeing from RUBI, why, and what we'll be watching for ahead.
What We're Seeing From RUBI
As mentioned above, The Rubicon Project is having an overwhelmingly strong day in the market today. At the opening bell, the stock was already trading on some pretty impressive gains. Since the bell, the stock has been working upward, albeit slow and steady. At the moment (10:53), RUBI is trading at $9.00 per share after a gain of $0.76 per share or 9.22% 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 gains on RUBI. As soon as we received the alert, the CNA Finance team started working to see exactly what was causing the upward movement. It didn't take long to dig up the news. The gains are the result of excitement surrounding an announcement made by SoundCloud.
In their early morning announcement, SoundCloud announced that it has chosen The Rubicon Project as a content partner. The company said that SoundCloud's premium audio and video inventory will be available for real-time buying through RUBI. In a statement, Alison Moore, Chief Revenue Officer of SoundCloud, had the following to offer...
“SoundCoud's audience is loyal, influential and highly engaged... Together with Rubicon Project we are now able to serve up our global audio and video inventory on one platform for the first time in an automated fashion. Making it easier than ever for advertisers to share their message with the right person, at precisely the right time.”
What We'll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on RUBI. In particular, we're interested in watching the process as this new plan is put into play and turns into dollars for the company. Nonetheless, we'll be watching for the news and bringing it to you as it breaks
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