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ZM

Virtual roadshows and remote IPOs

There probably couldn't be a better way to highlight demand for its product as Norway's Pexip kicked off a virtual IPO roadshow amid the coronavirus pandemic. The company competes with Zoom (NASDAQ:ZM) and Bluejeans (NYSE:VZ), and says its video conferencing software is used by the U.S. military and the German government. "Pexip has for example never met the two U.S. based cornerstone investors face-to-face, all interaction with them have been done by video," said CEO Odd Sverre Ostlie.

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Zoom adds H.R. McMaster to board

Zoom (NASDAQ:ZM) announces adding Lieutenant General H.R. McMaster as an independent board director, effective today. McMaster was the 26th assistant to the president for National Security Affairs until 2018. Zoom appoints Josh Kallmer as its Head of Global Public Policy and Government Relations, effective May 26. Kallmer most recently served as EVP for Policy at the Information Technology Industry Council, which advocates for the tech sector. The announcement follows a rocky period for Zoom, which soared due to the work from home shift but also gained scrutiny for its security practices.

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Zoom acquires security startup

Making its first-ever acquisition, Zoom Video (NASDAQ:ZM) buys security startup Keybase for undisclosed terms. Implementing Keybase will allow the Zoom user who schedules a meeting to enable end-to-end encryption, which prevents calling in by phone and cloud-based recording of the call. The added security will only be available through Zoom's paid service. Zoom previously drew criticism for inaccurately claiming its platform included end-to-end encryption. The videoconferencing company has skyrocketed due to the coronavirus pandemic's work and study from home orders, which has increased scrutiny around Zoom's security practices. Last month, CEO Eric Yuan announced a 90-day plan to fix those security flaws. The company hired Facebook's former security head as an advisor. Zoom shares are up 3.2% pre-market.

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Zoom, NY AG reach agreement; NYC schools reverse ban

New York Attorney General Letitia James announces an agreement with Zoom Video (NASDAQ:ZM) concerning the videoconferencing company's security practices. AG James: "This agreement puts protections in place so that Zoom users have control over their privacy and security, and so that workplaces, schools, religious institutions, and consumers don’t have to worry while participating in a video call." In late March, the state's AG office started probing Zoom's privacy practices. Zoom then launched a 90-day plan to fix its security issues. Earlier today, Zoom announced acquiring security startup Keybase to add end-to-end encryption to its paid product. Yesterday, the NYC Department of Education reversed its Zoom ban, saying the company made several fixes to address the department's concerns.

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FTC looking into Zoom privacy concerns

During a teleconference with a House Committee on Energy and Commerce subcommittee, FTC Chairman Joseph Simons hints that the agency is probing privacy complaints regarding Zoom Video (ZM +7.0%). Simons referenced a California representative's public concerns about Zoom's collection and storage of user data and call recordings. Simons: "We are very happy to take complaints from any source. If you’re reading about it in the press, in the media, then you can be assured that we’re looking at it already or we will because of the media attention. If it’s out there in the media, we’re on it." Zoom Video's demand spike during the pandemic also increased questions about its security practices. The company implemented a 90-day security review. Last week, Zoom reached agreements with NY's attorney general and was allowed back in NYC schools.

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California State University campuses to be closed fall semester

California State University Chancellor Timothy White today announced that all fall semester in-person classes at the system's 23 schools will be canceled, and instead taught online. Previously: L.A. lockdown to go another three months (May 12) Stocks of interest: Zoom Video (NASDAQ:ZM)

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Zoom opening two R&D centers, hiring hundreds

The two new research & development centers will be located in Phoenix and Pittsburgh, and the company plans to hire up to 500 software engineers for the facilities over the next few years. While the exact spots haven't been picked, Zoom (NASDAQ:ZM) is looking for space near Arizona State University and Carnegie Mellon University, from where it expects to draw many of those new hires. Shares are up 0.5% premarket. Source: Press Release

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Pexip paves way for virtual IPOs

With video communication on many investors' minds, shares in Norway's Pexip soared by 54% this morning on the Oslo Stock Exchange, following an IPO that was more than 12 times oversubscribed. "The fact that 100% of the virtual 1-1 meetings on the roadshow led to subscriptions to the IPO also demonstrates that virtual meetings can be just as impactful, even when they involve complex negotiations," said CEO Odd Sverre Østlie. Pexip competes with Zoom (NASDAQ:ZM) and Bluejeans (NYSE:VZ), and says its video conferencing software is used by the U.S. military and the German government.

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Panic favorites underperform as broad market rallies

Fed Chair Jay Powell actually came out and said it yesterday on 60 Minutes - the central bank has (and will use, if necessary) the ability to create trillions of greenbacks with nothing more than the touch of a computer keystroke. That, along with optimism about a COVID-19 vaccine, has the Dow up more than 3%, the S&P 500 up 2.8%, and the Nasdaq ahead 2.3%. Not participating are the work-from-home/stay-at-home plays like Netflix (NASDAQ:NFLX), Zoom Video (NASDAQ:ZM), Shopify (NYSE:SHOP), Slack (NYSE:WORK), Peloton (NASDAQ:PTON) and Citrix (NASDAQ:CTXS) - all are in the red. In the green, but notably underperforming are Amazon (NASDAQ:AMZN) and Walmart (NYSE:WMT), who may actually begin to face some competition for consumer dollars as other retailers reopen.

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Zoom suspends free accounts in China

Zoom Video (NASDAQ:ZM) announces suspending free user registrations in mainland China. According to a Nikkei Asian Review report, Zoom made the change to comply with Chinese regulatory requirements. Last fall, Zoom was temporarily blocked in China during the height of the U.S.-China trade war, so the escalating tensions could also factor into the decision. Free users can still join meetings hosted by registered enterprise customers. Zoom shares are up 1.4% pre-market to $166.97.

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Jury over Zoom? It's happening in Texas

Lawyers in Collin County District Court yesterday selected a jury to hear an insurance dispute by videoconference, in what is believed to be the first virtual jury trial to be held nationally during the COVID-19 crisis. Check out the livestream here. "You can't drag people down to the courthouse and make them sit together for days at a time," Texas Supreme Court Chief Justice Nathan Hecht declared. "It's just too dangerous." It's yet another boon for Zoom (NASDAQ:ZM), which has seen its stock take off since January. In fact, at a market cap of $49B, Zoom is now worth more than every publicly traded U.S. airline - combined.

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Time to look at undervalued Dropbox - Barron's

This weekend's issue of Barron's is positive on Dropbox (NASDAQ:DBX), whose shares remain well below all-time highs even as investors have been piling into other work-from-home names. The company, at ~$22/share, trades at just 4x enterprise value to estimated 2021 sales, while Zoom (NASDAQ:ZM) trades at 46x EV to sales, Slack (NYSE:WORK) goes for 18x and Atlassian (NASDAQ:TEAM) trades at 20x. Dropbox, seeing an opening as workspace platforms battle for dominance, is striving to be a neutral player where anyone can converse, exchange content and collaborate, regardless of corporate origin or allegiance. Dropbox is becoming an increasingly profitable business: Adjusted operating margins last year were 12%, while net income is forecast to rise 48% this year to $306M and 20% next year. "They've shifted from a high-growth company to one that's growing efficiently at scale, and more profitably than a lot of other companies," says RBC analyst Alex Zukin, who rates Dropbox at Outperform and notes if the stock traded at just 6x EV to next year's sales, it would be valued at $30, good for ~30% upside from current levels.

ZM

Stay-at-home selloff continues as economy revs up

The reopening of the economy appears to be going at a faster pace than most had imagined even a few days ago, with even Los Angeles joining in over the past few hours. Also appearing to "declare victory and go home," is Washington, D.C., which over the past two weeks has subtly altered the benchmarks it was using to determine whether to reopen or not. Mayor Muriel Bowser this morning is expected to announce an end to the lockdown to begin on Friday. That's led to a big change in leadership of this market rally - now it's banks, specialty retail, industrials, and energy outperforming. Lagging are favored stay-at-home plays like Zoom Video (ZM -8.1%), Peloton (PTON -6.3%), Facebook (FB -4.7%), Amazon (AMZN -3.6%), Walmart (WMT -1.6%), Costco (COST -1.7%), Nvidia (NVDA -7.4%), Citrix (CTXS -1.8%), and PayPal (PYPL -4.4%), to name a few. The big-cap tech lean for stay-at-home is pressuring the Nasdaq (NASDAQ:NDAQ), which is down nearly 2% while the S&P and DJIA hang close to flat.

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Averages surge, but rally cools for stay-at-home plays

The major averages continue near session highs in afternoon trade, with the Dow ahead 2.75%, the S&P 500 1.9%, and Nasdaq 1%. Financials, healthcare, industrials, and energy are all seeing outsized gains, but satiated bulls are easing away from a number of favored pandemic-related names. Among those in the red (or flat) today are Netflix (NFLX -2.8%), Peloton (PTON -5.7%), Zoom Video (ZM -2.3%), PayPal (PYPL -2.5%), Nvidia (NVDA -2.4%), Walmart (WMT +0.0%), and Target (TGT -0.5%).

ZM

Baird boosts targets for hot cloud firms

The COVID-19 pandemic has lit the "spark" for a digital transformation in unified communication and collaboration platforms, Baird says - and Q1 results validate expectations that the shift to the cloud is speeding up. The firm's software platform leaders - Zoom Video Communications (NASDAQ:ZM), Slack (NYSE:WORK), RingCentral (NYSE:RNG), Five9 (NASDAQ:FIVN), Twilio (NYSE:TWLO), Fastly (NYSE:FSLY) and Everbridge (NASDAQ:EVBG) are all near recent highs, and are up an average of 79% YTD. It's still positive on long-term growth, though, and says it would be more aggressive on pullbacks considering the gains so far. And it notes Fastly, Slack and recent fresh pick Bandwidth (NASDAQ:BAND) have the lowest growth-adjusted multiples among the 20%-plus growers. "The valuation delta between the UCC platform leaders and value stocks widened considerably," William Power and team write. "Confidence in visibility and further upside to estimates continues to trump valuation considerations." It's sticking with its leaders: In UCC, while Microsoft Teams (NASDAQ:MSFT) presents a significant competitive threat to Zoom, Slack and RingCentral, those companies remain stand-alone leaders, and it still likes Twilio and Five9 (as the leading pure-play CCaaS provider), while Bandwidth is a vendor-agnostic play. In PSaaS, Everbridge and Axon Enterprise (NASDAQ:AAXN) are picks, while CDN/cloud security finds Baird preferring Fastly and Akamai (NASDAQ:AKAM), each of which can benefit from surging Internet use. The firm's raising targets on five names: on Bandwidth (BAND), to $120 from $100 (implying 14% upside); on Everbridge (EVBG), to $156 from $132 (13% upside); on Five9 (FIVN), to $110 from $95 (12% upside); on Fastly (FSLY), to $46 from $35 (17% upside); and on Twilio (TWLO), to $226 from $175 (17.5% upside).

ZM

Zoom to roll out strong encryption for paying customers

Zoom Video (NASDAQ:ZM) unveils plans to strengthen encryption on video calls made by paying clients and institutions such as schools, but not for users of its popular free accounts. The company previewed its intentions on a call with civil liberties groups and others yesterday, and Zoom security consultant Alex Stamos confirmed the plans in an interview with Reuters. The plan is drawing mixed reactions from privacy advocates, with some saying Zoom should offer protected video more widely. Providing full encryption to every meeting would mean that Zoom's trust and safety staff would not be able to monitor what is happening or respond effectively to abuse in real time, Stamos said. The shares rallied in the last hour of today's trading to close +9.7% and a market value above $50B for the first time.

ZM

Rosenblatt boosts Zoom target; shares +10%

Zoom Video Communications (NASDAQ:ZM) is up 10.2% today after Rosenblatt gave a hefty boost to its price target. The firm now sees fair value at $150, up from a previous price target of $95. It has a Neutral rating. That's an above-average target for the Street, though it implies 24% downside. Wall Street analysts are Neutral on the stock, as are Seeking Alpha authors. It has a Quant Rating of Neutral as well.

ZM

Zoom Video Communications Q1 2021 Earnings Preview

Zoom Video Communications (NASDAQ:ZM) is scheduled to announce Q1 earnings results on Tuesday, June 2nd, after market close. The consensus EPS Estimate is $0.10 (+233.3% Y/Y) and the consensus Revenue Estimate is $203.53M (+66.8% Y/Y). Over the last 1 year, ZM has beaten EPS estimates 100% of the time and has beaten revenue estimates 100% of the time. Over the last 3 months, EPS estimates have seen 16 upward revisions and 1 downward. Revenue estimates have seen 14 upward revisions and 0 downward.

ZM

Sell-side gushes over Zoom Video results

It would be silly to call a top in Zoom Video (NASDAQ:ZM), but mark these sorts of sell-side reactions as the kind of things you do not see at bottoms. JPMorgan: "Wow - This was the largest beat we have witnessed in covering software for over 20 years." Piper: "Zoom reported the greatest quarter in enterprise software's history in our view." D.A. Davidson: "One of the Best Quarters in Software History." BTIG: "We are left slightly in awe." Cantor's Drew Kootman lifts his price target to $261 from $150, suggesting another 25% upside from yesterday's close. The earnings call transcript is here. Shares are up 1.5% to $211.12 in premarket action. Previously: Zoom +4.5% on Q1 beat, aggressive guidance (June 2)

ZM

Zoom +4.5% on Q1 beat, aggressive guidance

Zoom Video Communications (NASDAQ:ZM) is up 4.5% after hours following its beat on top and bottom lines in Q1, and upbeat guidance for the current quarter and year well above consensus. Revenue grew by 169% to $328.2M, and operating income (non-GAAP) rose to $54.6M from a year-ago $8.2M. Net income was $58.3M, vs. a year-ago $8.9M. In operating metrics, it reported 769 customer contributed more than $100K in trailing-12-months revenue (up about 90% Y/Y), and a trailing-12-month net dollar expansion rate in customers with more than 10 employees over 130% for the eighth straight quarter. For Q2, it's guiding to revenue of $495M-$500M - well above consensus for $224.4M - and EPS of $0.44-$0.46 (vs. consensus for $0.11). For fiscal 2021, it's forecasting revenue of $1.775B-$1.8B (assumes increased churn due to a higher percentage of customers buying monthly subscriptions in Q1), above consensus for $939.7M, and EPS of $1.21-$1.29 (above an expected $0.44). Conference call (webinar) to come via Zoom at 5:30 p.m. ET. Press release

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Zoom Video Communications EPS beats by $0.10, beats on revenue

Zoom Video Communications (NASDAQ:ZM): Q1 Non-GAAP EPS of $0.20 beats by $0.10; GAAP EPS of $0.09 beats by $0.08. Revenue of $328.17M (+169.0% Y/Y) beats by $124.64M. Customers with more than 10 employees grew 354% Y/Y to 265,400. Shares +6%. Press Release

ZM

Cloud stalwarts are winners in long-term work-from-home - Wedbush

A heavy work-from-home workforce seems here to stay until a COVID-19 vaccine is found, despite easing lockdowns globally, Wedbush says - and that means at least 12-18 months of a "new normal." And though front-end names have drawn attention so far (including Zoom (NASDAQ:ZM), DocuSign (NASDAQ:DOCU), Citrix (NASDAQ:CTXS) and Slack (NYSE:WORK)), "it's the back-end public/hybrid cloud stalwarts such as Amazon (NASDAQ:AMZN), Microsoft (NASDAQ:MSFT) and Google (GOOG, GOOGL) ultimately facilitating virtual office and communications globally," the firm writes. And while those customers who already migrated to the cloud are seeing relatively smooth transitions, others were caught "flat footed" and reports from the field suggest cloud migrations and infrastructure projects are being greenlighted "well ahead of expectations." The firm now says its longstanding projection that cloud workload share would increase from 33% to 55% by 2022 now looks conservative, and those targets could be reached a year early. The trend is a tailwind for cloud-exposed cybersecurity names as well, the firm says. Recent checks suggest faster deployment and deal flow for players including Fortinet (NASDAQ:FTNT), Varonis (NASDAQ:VRNS), Tenable (NASDAQ:TENB), Qualys (NASDAQ:QLYS), Zscaler (NASDAQ:ZS), SailPoint (NYSE:SAIL), and CyberArk (NASDAQ:CYBR). One example: the "LeBron-like prints" from Zscaler and CrowdStrike (NASDAQ:CRWD), which speak to "just the tip of this cloud trend catalyzing deal flow for cybersecurity players in this environment as CISOs rip off the band-aid and prepare for the new normal/majority remote workforces looking forward." Among higher-upside targets in its Outperform-rated names: SailPoint, where a $28 target implies 20.5% upside; Microsoft ($220 target implies 19% upside); Fortinet ($170 target implies 19% upside); Tenable ($35 target implies 15% upside); and CyberArk ($120 target implies 13% upside).

ZM

Zoom in talks over using Google security offering - report

Zoom Video Communications (ZM -5.6%) - currently under the microscope for its approach to securing/encrypting its video calls - is in advanced talks with Google Cloud (GOOG -1.5%, GOOGL -1.5%) to use its cybersecurity service, The Information reports. That service alerts users to the dangers of clicking on links that are tied to malicious sites and purposes. An agreement would mean Zoom could flag links to those malicious websites that are sent to users through Zoom chat, according to the report.

ZM

Remote work stocks slip on potential U.S. reopening

After benefiting from the coronavirus-related work from home shift, Zoom Video (ZM +0.7%), Twilio (TWLO -0.8%), and Slack (WORK -3.7%) are among the tech stocks seeing red as investors eye the reopening of the U.S. economy. Remote work platforms Upwork (UPWK -1.9%) and Fiverr (FVRR -7.2%) are also sliding. Shares of videoconferencing app Zoom are still up a whopping 205% YTD. Related software ETFs: IGV, PSJ, XSW

ZM

Zoom price target raised on enterprise demand

Citing higher adoption rates, Bernstein raises Zoom Video's (NASDAQ:ZM) price target from $157 to $228. Analyst Zane Chrane sees particular strength "among enterprise customers where we expect reduced churn and stronger future expansion." Chrane expects Zoom to report an "upside surprise" in earnings and revenue for the rest of the fiscal year, but he notes the "significant uncertainty around consumer renewal rates." Bernstein maintains an Outperform rating on Zoom, which has Neutral Quant, SA Author's, and Wall St. Analysts ratings. Zoom shares are up 1% pre-market to $207.50.

ZM

Zoom does some explaining, improves policies

The company's recent action against U.S.-based Chinese activists "fell short," Zoom (NASDAQ:ZM) wrote in a blog post, offering more details about what happened. In May and early June, the Chinese government reached out to the platform about meetings commemorating the 1989 Tiananmen Square massacre. The activity is illegal in China, so Zoom terminated some of the meetings that had a significant number of mainland China participants, as well as their host accounts despite a few being based in Hong Kong and the U.S. (those have since been reinstated). "We will have a new process for handling similar situations," Zoom added, saying it is "developing technology over the next several days that will enable us to remove or block at the participant level based on geography. "This will enable us to comply with requests from local authorities when they determine activity on our platform is illegal within their borders; however, we will also be able to protect these conversations for participants outside of those borders where the activity is allowed." "Looming litigation and privacy concerns are another headwind for Zoom," writes Kevin George in a recent Seeking Alpha article, Zoom: Don't Expect Much Upside From Here.

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Zoom questioned by senator on China action

In a letter to Zoom Video (NASDAQ:ZM) CEO Eric Yuan, Republican Sen. Josh Hawley writes, "It is time for you to pick a side: American principles and free-speech, or short-term global profits and censorship." Hawley is referring to Zoom's temporary account deactivation of a U.S.-based group of Chinese pro-democracy activists. The senator says the move showed Zoom's "desire to curry favor with the Chinese Communist Party so you can better access that market." Zoom initially said it closed the account "to comply with local laws" before the reactivation. Zoom's profile soared during the coronavirus pandemic, which increased questions about the company's security practices and its ties to China. Source: Bloomberg.

ZM

Zoom Phone joins company's government platform for agency use

Zoom Video Communications (NASDAQ:ZM) says the Zoom Phone has been added to Zoom for Government - its platform already authorized under the U.S. Federal Risk and Authorization Management Program (FedRAMP). That means federal agencies, after individually authorizing its use, can use Zoom Phone to consolidate legacy telephony onto a single cloud solution, Zoom says. Zoom Phone joins Zoom Meetings and Chat and Zoom Video Webinar on the Zoom for Government platform.

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Zoom among gainers on new coronavirus concerns

The tech sector closed today up nearly 1% as the broader market reacted to concerns about a second wave of coronavirus infections and the Fed's plan to buy individual corporate bonds. Tech companies that benefited from the coronavirus saw green today, including Cloudera (NYSE:CLDR) +9.7%, Zoom Video (NASDAQ:ZM) +8.9%, Okta (NASDAQ:OKTA) +4.6%, and RingCentral (NYSE:RNG) +3.1%.

ZM

Zoom to offer all users end-to-end encryption

Zoom Video Communications (ZM -2.1%) - the recipient of inbound flak from various sides about its communications security, alongside the huge boost to its popularity in the pandemic - will offer end-to-end encryption to all users, free or paid. The company says in a blog post it's released an updated design for the encryption on GitHub, and says "we have identified a path forward that balances the legitimate right of all users to privacy and the safety of users on our platform." Free/basic users seeking access to end-to-end encryption will perform a one-time process where they provide additional pieces of information, such as verifying phone number via text message. In the meantime, all Zoom users will continue using AES 25 GCM transport encryption as the default. An early beta of the E2EE feature is set for next month.

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Google putting Meet in Gmail, bringing legacy apps to Chromebooks

In Google (GOOG, GOOGL) product news today, the company is bringing its Meet video-calling product into Gmail on mobile. That follows last month's move to make Meet free and integrated with Gmail on the Web. And it cuts barriers to getting into a Meet call for mobile users (and any easier path shores it up against a largely calendar-based Zoom (NASDAQ:ZM)). A new Meet tab on the Gmail app will easily show upcoming meetings scheduled in Google Calendar and offers one-tap access. Similarly, a "new meeting" button there will start an instant meeting to which users can invite others. And in a post by Chrome OS VP John Solomon, the company notes that the COVID-19 pandemic has "injected a stochastic shock" to trendlines for cloud-based systems, with the idea of cloud-based devices "no longer a nice-to-have; it will likely become a necessity for many businesses as they adopt a more versatile way of working." That focus on the "cloud worker" is leading to initiatives at Chrome OS, including a partnership with Parallels that brings "legacy application support - which includes Microsoft Office (NASDAQ:MSFT) desktop apps - to Chromebooks." He promises more to come on that in coming months.

ZM

Biggest work-from-home winner (it's not Zoom)

Fastly (NYSE:FSLY) has surpassed Zoom (NASDAQ:ZM) to become the best performer among tech companies since the coronavirus pandemic began roiling the economy. Shares surged 15% on Monday to record a 60% gain over the past seven trading days, and are up 222% since the market's peak on Feb. 19 (Zoom is up 159% over that stretch). As a cloud computing services provider, Fastly has major customers like Shopify, Spotify and Slack, which are all seeing usage spikes with so many people working remotely. "Its customers are a lot of the next-generation bleeding-edge tech companies," said DA Davidson analyst Rishi Jaluria, who has a Buy rating on the stock. "It's the combination of a company with really strong fundamentals and everything executing really well and at the same time, I think, momentum is building on that." Seeking Alpha author Steve Auger called it back in May, saying there was more bullishness to come in an article, Crushing It: Fastly Is The Latest Digital Transformation Breakout Stock.

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Stay at home tech stocks gain as virus surges

Tech beneficiaries of the pandemic's stay at home orders gained today as coronavirus cases spiked in some parts of the United States. Zoom Video (ZM +3.1%) and Five9 (FIVN +7.8%) hit intraday highs, while Dropbox (DBX +0.8%) outperformed the broader market. Video conferencing company Zoom has gained nearly 258% YTD.

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Direxion gives details on WFH ETF

Direxion discloses net operating expense of 0.45% for its Work From Home ETF (NYSEARCA:WFH), a passive ETF that seeks to track the Solactive Remote Work Index. The Index is comprised of 40 companies that provide products and services in the following industries that help people to work from home: remote communications, cyber security, online project and document management, and cloud computing technologies. Under normal circumstances, the fund invests at least 80% of its assets in the securities that comprise the index. Some interested tickers: ADBE, GOOG, CSCO, DBX, FB, HPE, LOGM, WORK, ZM

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Zoom adds security chief to C-suite

Zoom Video Communications (ZM +1.1%) - of late enduring criticism over its security approach - has named Jason Lee its new chief information security officer. The move is effective June 29. Zoom is coming to the end of a 90-day security and privacy plan, it says, and Lee will pick up the mantle of securing the platform. He most recently was senior VP of Security Operations at Salesforce.com and previously served as principal director of Security Engineering at Microsoft.

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Remote work tech stocks pull back from rally

Florida, South Carolina, and Nevada have reported record numbers of daily coronavirus cases in recent days, but the Street has largely shrugged off the news on hopes the spikes will ease. Remote work tech stocks are seeing red today after hitting new highs last week. On the move: Zoom Video (ZM -4.6%), Twilio (TWLO -4.5%), Wix (WIX -0.3%), Fastly (FSLY -7.6%), Five9 (FIVN -1.1%), and DocuSign (DOCU -4.1%). Last week, cloud computing company Fastly surpassed Zoom as the top tech performer since the coronavirus began impacting the economy. Shares were up 222% since the February 19 market peak compared to Zoom's 159% gain.