LendingTree Stock Is Losing Ground After Hours: Here's Why
Portfolio Pulse from Adam Eckert
LendingTree Inc (NASDAQ:TREE) shares are trading lower after hours following a report that hackers are selling stolen consumer data from its subsidiary QuoteWizard. The data breach was detected on a cloud database hosted by Snowflake Inc (NYSE:SNOW). Both companies' stocks were affected, with LendingTree down 2.33% and Snowflake recovering most of its losses by publication time.
June 20, 2024 | 9:00 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Snowflake shares were initially impacted by the news of a data breach involving a cloud database they host for LendingTree's subsidiary QuoteWizard. However, the stock recovered most of its losses by publication time.
While Snowflake's involvement in hosting the breached database caused an initial drop in stock price, the recovery suggests limited long-term impact. The company's direct operations were not compromised.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEGATIVE IMPACT
LendingTree shares fell 2.33% after hours due to a data breach at its subsidiary QuoteWizard. The breach involved unauthorized access to a cloud database hosted by Snowflake. The company is investigating the scope of the breach.
The data breach directly impacts LendingTree's subsidiary, leading to a decline in investor confidence and a 2.33% drop in after-hours trading. The ongoing investigation adds uncertainty.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100