Why Concur Technologies Popped
Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Concur Technologies (NAS: CNQR) have popped today by upwards of 10% after the company announced that it landed a juicy government contract.
So what: Concur announced that its integrated travel and expense management offering was selected by the U.S. General Services Administration, or GSA, and will be the sole provider. Concur will facilitate the GSA's online bookings, travel authorizations, and voucher processing, which will result in cost savings and other efficiencies.
Now what: CEO Steve Singh said that the company is looking forward to supporting the federal government for the next 15 years, helping save taxpayers money in the long run. Shares had been trading about even on the day and promptly skyrocketed on the announcement. The company will provide additional details and updated financial expectations related to the GSA contract during the third-quarter earnings conference call.
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At the time this article was published Fool contributorEvan Niuholds no position in any company mentioned.Click hereto see his holdings and a short bio. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors. Try any of our Foolish newsletter servicesfree for 30 days.