Veteran trader makes bold move on Palantir after earnings

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The history of the word "Huzzah" is somewhat sketchy.

While the term is used to express or approval or delight, its etymological roots are unclear.

Related: Analysts overhaul Palantir stock price target after Q3 earnings

It may have been influenced by war cries from various languages; anthropologist Jack Weatherford says the word comes from the Mongolian "Huree" used by Mongol armies, and spread throughout the world during the Mongol Empire of the 13th century.

British soldiers in the 18th and early 19th centuries were known to give three hearty "huzzahs" before charging at the enemy with fixed bayonets.

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Whatever the origin story, TheStreet Pro's Stephen Guilfoyle enthusiastically employed the word to describe Palantir Technologies'  (PLTR)  better-than-expected third-quarter results.

"Huzzah, Palantir!" he declared in his Nov. 5 column. "Huzzah to the retail investors who hopped on board and never stopped believing! You, the loyal masses, who have been on board since the beginning and those who have hopped on along the way, I salute you. Rock and roll."

Founded by the tech investors Peter Thiel and Joe Lonsdale, the Denver company has established itself as key player in the defense industry, with a host of contracts with domestic and international companies and agencies that focus on its data-analytics and AI technologies.

Alex Karp, chief executive of Palantir Technologies.<p>Bloomberg&sol;Getty Images</p>
Alex Karp, chief executive of Palantir Technologies.

Bloomberg/Getty Images

Wall Street veteran calls Palantir 'a champion'

Palantir, which was added to the S&P 500 last month, also boosted its full-year revenue forecast for the third time this year, thanks in part to outsized gains from its nonmilitary business.

"Every once in a while, from the realms of high-tech startups, low-priced stocks and scoffed-at enterprises ridiculed for being over-valued or being misunderstood, rises a champion," said Guilfoyle, whose career goes back to the floor of the New York Stock Exchange in the 1980s.

"Every once in a while, a company or stock like Palantir Technologies is crowned such a champion."

Related: Analysts overhaul Palantir stock price target after Q3 earnings

"This is such a time, though I don't know if there has ever been a company or stock quite like Palantir," he added. "What a quarter. Demand is impressive. Profitability and sales are better than expected. Cash flows are robust. The cash position is huge."

Alex Karp, the company’s co-founder and CEO, said in a statement that “we absolutely eviscerated this quarter, driven by unrelenting AI demand that won’t slow down."