CrowdStrike shares had their biggest rally since July after Rep. Adam Schiff mentioned the company's name at the beginning of the Trump impeachment hearing.
conspiracy theory," shares of the cybersecurity company closed up 11%, its biggest rally in four months.
CrowdStrike's name was likely invoked by Trump at the time because the company assisted the Democratic National Committee in investigating a 2016 hack by Russian operatives, who were trying to influence the presidential elections. "Trump then requested that Zelensky investigate a discredited 2016 CrowdStrike conspiracy theory and even more ominously look into the Bidens," Schiff said, referring to the call. "Neither of these investigations was in the U.S. national interest and neither was part of the official preparatory material for the call. Both, however, were in Donald Trump's personal interest and any interest of his 2020 reeelection campaign.
Erik Suppiger, an analyst at JMP Securities, wrote in an email that the testimony "could explain part of the strength in CRWD." The stock got a bump on Tuesday afteranalysts raised their rating to neutral from sell, in part because of the recent selloff — the stock is 48% off its high from August.
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