Opendoor (OPEN) Soars 9.6% Amid Renewed Rate Cut Hopes

We recently published 10 Big Names Crushing the Market. Opendoor Technologies Inc. (NASDAQ:OPEN) is one of the best-performing stocks on Friday.

Opendoor Technologies climbed by 9.58 percent on Friday to finish at $6.75 apiece amid renewed investor optimism for an interest rate cut in December.

This followed dovish comments from Federal Reserve Bank of New York President and CEO John Williams earlier this week, saying that he believes monetary policy would be “modestly restrictive” amid weak labor market data.

Opendoor (OPEN) Soars 9.6% Amid Renewed Rate Cut Hopes

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Williams’ remarks sparked hopes despite Federal Reserve Chairman Jerome Powell announcing earlier this year that a rate cut in December was not guaranteed.

Opendoor Technologies Inc. (NASDAQ:OPEN) rallied alongside the broader real estate sector which grew by 2.24 percent during the session.

The real estate market is a sector highly sensitive to interest rate movements, as the latter plays a central role in the financing of land acquisition and homes development. Any rate increase or cut could impact financing costs, and thus affect home affordability.

In other developments, Opendoor Technologies Inc. (NASDAQ:OPEN) paid on the same day warrant dividends to each shareholder owning 30 common shares of the company.

Under the terms, each shareholder with 30 common shares received one each of Series K, A, and Z warrants, exercisable at prices of $9, $13, and $17, respectively.

While we acknowledge the risk and potential of OPEN as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than OPEN and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.