Why Palantir Stock Jumped Initially Then Retreated Slightly Today

Shares of the big-data software company Palantir (NYSE: PLTR) gained as much as 5.8% today after the company announced that the Department of Homeland Security renewed a five-year contract with the company. Palantir's stock was up by 2.8% as of 3:20 p.m. ET. Palantir's stock initially got a boost this morning after the company said that the Department of Homeland Security renewed its contract to support Homeland Security Investigations (HSI) using the company's software.