Shares of Upwork (NASDAQ:UPWK), which operates a website to facilitate freelance work, popped more than 11% in early trading Monday, and remained up a healthy 6.7% at the close.
There seemed to be no news whatsoever to explain Upwork's quick move up today.
Well, almost no news. In an article on Marketwatch earlier today, Canaccord Genuity's chief market strategist Tony Dwyer was asked to comment on unusual stock moves in the market of late, and he noted that stocks appear to be trading right now "based on the coronavirus impact and a probable abnormal economic recovery" from the current downturn. Specifically, "stocks that benefit from a longer stay and work-from-home economy" seem to be doing well.
Does that ring any bells for you? Tech stock Upwork operates a website connecting companies that have work to do with freelancers (often working from home) who can do that work. That seems like precisely the kind of business that would "benefit from a longer stay and work-from-home economy."
Judging from today's price action in Upwork stock, a lot of investors are thinking right along these same lines.