Why Rumble Inc. (RUM) Went Down on Monday

We recently published an article titled These 10 Companies Led Monday’s Downturn. In this article, we are going to take a look at where Rumble Inc. (NASDAQ:RUM) stands against the other stocks.

Wall Street’s major indices kicked off the trading on a positive note, all finishing in the green territory, as investors brushed off fears of growing global trade tensions.

The Dow Jones rose by 0.38 percent, the S&P 500 grew 0.67 percent, while the Nasdaq rallied 0.98 percent.

However, 10 companies defied a broader market optimism, mostly due to a series of stock rating downgrades from investment research companies on the back of poor earnings guidance and dismal earnings performance.

To come up with Monday’s worst performers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

Rumble Inc. (NASDAQ:RUM)

Shares of Rumble Inc. extended a losing streak for a third day on Monday, losing 3.92 percent to close at $12.25 apiece, as the flurry of positive news for the company failed to spark investor buying appetite.

RUM shares initially traded lower in morning trade before perking up to $13.15 apiece and again losing momentum towards the final trading session.

On Monday, RUM announced the inauguration of an official White House channel by US President Donald Trump as part of the government’s plan to expand its portfolio of content providers. The development spells positively for the company especially as it works its way to becoming a growing force in the video platform space.

Last week, meanwhile, RUM officially announced the departure of Michael Ellis as its general counsel to pursue a deputy director position for the Central Intelligence Agency. RUM said it gave Ellis worth $1 million payout upon his resignation.

 

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This article is originally published at Insider Monkey.