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Phunware’s stock bounces sharply off record low after launching blockchain-enabled data exchange

Shares of Phunware Inc. shot up 14% in active premarket trading Tuesday, to bounce off the previous session’s record low close, after the provider of cloud platform for mobile announced the launch of its blockchain-enabled data exchange and mobile loyalty ecosystem for current customers. Trading volume of 522,000 shares was already nearly double the full-day average of about 287,000 shares. The company said it plans to extend the new platform features to its new business customers throughout the second half of 2019. The company said by blockchain-enabling its data exchange, it is looking to eliminate an estimated $19 billion in annual advertising fraud, while enabling brands to identify audiences and access auditable records. Phunware’s stock had plunged 78% year to date through Monday, while the S&P 500 had gained 17.5%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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