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Stock Alert: Zoom Video Up 3% After Added To Nasdaq 100

Shares of Zoom Video Communications (ZM) are currently gaining over 3% on Friday morning after the video conferencing software company was included into Nasdaq 100 index.

ZM is currently trading at $174.74, up $5.65 or 3.34%, on the Nasdaq.

Nasdaq said Zoom will replace Willis Towers Watson in the index on April 30, before the market opens.

Zoom, which went public last year, has surged over over 150% for the year-to-date period, to lift its market capitalization to $48.95 billion.

The company has benefited from the lock down and stay-at-home initiatives enforced due to the coronavirus pandemic. More and more people are now downloading the company's remote-work tools including videoconferencing app as the virus continues to spread. Late Wednesday, Zoom said it has surpassed 300 million daily meeting participants.

However, recently the company came under severe criticism after reports suggested that platform did not offer end-to-end encryption despite saying it did so.

The company's CEO Eric Yuan even publicly apologized to users and investors, saying, "We recognize that we have fallen short of the community's - and our own - privacy and security expectations."

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