Video-conferencing company Zoom just had its best trading day in 8 months, as coronavirus fears mean that more people work from home
Several analysts speculated that worries about the coronavirus was a big reason investors gravitated towards the stock.
"Remote video is attractive when you start to see countries closing travel, but business must go on," Dan Newman at Futurum Research told Business Insider. "Zoom has a real appeal because it is one of the simplest applications on the market for doing video conferencing." However, this could prove to be a double-edged sword for Zoom: Alex Zukin of RBC Capital Markets notes that Zoom itself does have a sizable workforce in China, which could make investors worry that the company's ability to do business may be impacted amid the coronavirus epidemic.Competitive factors could also play a role: That Microsoft Teams outage on Monday, while short-lived, could have given customers and Wall Street alike a reason to look at Zoom.
Analyst James Fish of Piper Sandler & Co. writes in a research note: "we do view this as a competitive issue for Zoom...We have been getting an increasing amount of questions around the coming release of RingCentral video related to Zoom."
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