This week, Big Tech was in the spotlight for a few reasons.
In late July, the CEOs of Alphabet (Google’s parent company), Amazon, Apple, and Facebook all appeared before a Congressional subcommittee.
The following day, three of these four companies reported impressive financial results. And the stock prices of Apple, Amazon, and Facebook rose significantly, making their shareholders even richer by the end of the month. (These are four of the so-called FAANG stocks; the fifth is Netflix.)
But what about poor old Canada? Which companies are our high-tech equivalents of the FAANG club?
Most of us have heard of Shopify, the Ottawa-based ecommerce company whose share price seems to defy gravity. Its stock shot up by 158 percent in the first seven months of 2020, reaching the stratospheric figure of $1,369.78 on the Toronto Stock Exchange.
Shopify is one of DOCKS stocks—the Canadian version of FAANG. The others are Descartes Systems Group, Open Text Corp., Constellation Software, and Kinaxis Inc., which are also listed in Toronto.
Shares in Kinaxis, which is also headquartered in Ottawa, rocketed up by 96.4 percent from January 2 to the end of July.
Meanwhile, Waterloo-based Descartes’ shares have increased by 32.4 percent over the same period.
Open Text, also based in Waterloo, has been the laggard. It’s seen its stock rise by only 4.6 percent from the start of January until the end of July.
And Toronto-based Constellation Software’s shares are up 24.4 percent over the same period.
It’s worth noting that none of these DOCKS companies are based in any province but Ontario.
Perhaps one day, Vancouver-based Absolute Software can be added to the acronym (DOCKSA?).
After all, Absolute’s share price rose by 81.9 percent through the first seven months of 2020.
That means it’s beat the gains posted by all three DOCKS companies not based in Ottawa.