STOCKS TELEGRAPH

Author: ST Staff

  • Top Stocks to Watch as Job Cuts Data Weakens Markets

    Top Stocks to Watch as Job Cuts Data Weakens Markets

    The markets are headed for a weak start this morning due to data showing that job losses in July rose by 54%. According to data by Challenger, Gray and Christmas, the number of job cuts rose by 54% in July after declining for two months in a row. The data further showed that the job cuts were mainly due to the hard economic times occasioned by the COVID-19 pandemic. Others were due to severance following corporate buyouts. Overall, the data points to an economy that has been weakened by the pandemic, and market sentiment in pre-market trading is a reflection of it. Nonetheless, there are stocks that are gaining upside momentum this morning. Most of the top performers are stocks that have released strong quarterly results. Such companies have demonstrated an element of resilience despite the COVID-19 pandemic and inspire investor confidence. Some of the top performers this morning are as below:

    Groupon Inc [NASDAQ: GRPN]

    Groupon Inc is a top performer this morning and is up by 37% in pre-market trading.  This follows the release of Q2 results that point to revenues that have beat analysts’ estimates. The company reported revenues of $395.65 million, beating analyst consensus estimates by 115.07%. The company also beat analysts’ consensus estimates on earnings. It reported an earnings loss of $0.93 while analyst consensus was a loss of $2.63. This points to the company’s resilience in its core markets, even as the COVID-19 pandemic continues to impact on demand in the economy.

    Pius Therapeutics Inc [NASDAQ: PSTV]

    Pius Therapeutics Inc is a top performer pre-market and is up by 30%. Its pre-market gains are a continuation of days of upside momentum after the company announced that it would report Q2 results on August 10th.  The rally is an indicator of anticipation of strong results in the quarter.

    Celsius Holdings Inc [NASDAQ: CELH]

    Holdings Inc [NASDAQ: CELH] is a top performer this morning and is up by over 40% this morning. This follows the company’s release of strong Q2 results. The company reported that in the quarter it had an EPS growth of 300% to hit $0.04. This was much higher than the EPS loss of $0.07 that the company was anticipating. While revenues decreased by 28.83%, they still beat analyst estimates of $55,230,000 to stand at $62,685,000. Besides earnings, the company reported that it had entered into an agreement with J.D. Power for the sale of its subsidiary for $135 million. While announcing the sale, the company also reported that its board had agreed to a share repurchase of up to $75 million worth of shares. These news have sent the stock rocketing in pre-market trading.

     

     

     

  • Top Stock Performers as Markets Rebound On Improved Jobless Numbers

    Top Stock Performers as Markets Rebound On Improved Jobless Numbers

    The stock markets are up this afternoon after a slow start earlier in the day. This follows the release of data pointing to better than expected jobless numbers and the continued talks on an economic stimulus. According to a report by the Labor Department, new jobless numbers dropped to a low of $1.19 million.  Nonetheless, the unemployed numbers still held above the 1 million mark for 20 weeks in a row.

    This points to a mixed picture of the economy when also combined with the weak private employment data that came out yesterday. Even in this environment of mixed outlook, the market is boosted by hopes of a deal in Washington with regards to an economic bailout. In this environment of cautious optimism, several stocks are doing better than the average. Some of the top performers this afternoon are as below:

    Denali Therapeutics Inc [NASDAQ:DNLI]

    Denali Therapeutics Inc is a top performer this afternoon and is up by 37.26%.  This follows the company’s announcement that it had struck a billion-dollar collaboration on a treatment for Parkinson’s disease. The company stated that it had entered into a deal with drug company Biogen. Under the deal, Biogen will commit over $1 billion towards the drug.  Through the deal, Biogen will take an 11% stake in Denali or $13.3 million priced at $34.94. Commenting on the deal, Biogen CEO Michel Vounatsos stated that their collaboration with Denali was an opportunity to come up with a top-of-the-range therapy that could slow down Parkinson’s disease.

    American Virtual Cloud Technologies Inc [NASDAQ:AVCT]

    American Virtual Cloud Technologies Inc is another top performer this afternoon and is up by over 60%.  This follows the company’s announcement that it was purchasing Ribbons Kandy communications business. Yesterday, the two companies stated that the deal would be an all-stock transaction.

    AVC Technologies CEO stated that they were happy with the acquisition as it was a major step in the company’s bid to offer its clients better cloud solutions. Darrell further stated that as a company, they felt lucky to have bought Kandy, a business that had created one of the world’s best cloud communications platform.  The company’s Chief Operating Officer weighed in on the issue stating that the purchase would speed up the company’s growth strategy of working towards establishing a foothold in the cloud communications market.

    AdiTx Therapeutics Inc [NASDAQ:ADTX]

    This is another top performer this afternoon and is up by over 100%. This comes after the company announced that it had introduced AditxtScore™ for detecting antibodies that can fight antigens linked to SARS-COV-2. Commenting on this development, Stanford Blood Center CEO Harpreet Sandhu stated that this could transform the fight against COVID-19 by offering fast and accurate test results. From the stock’s price action, the market is excited too.

  • Top Performing Stocks Even as Weak Private Payrolls Data Dampens Market Sentiment

    Top Performing Stocks Even as Weak Private Payrolls Data Dampens Market Sentiment

    The markets are headed off to a weak start this morning, as data points to a weak economy due to the COVID-19 pandemic. Yesterday, data on private payrolls showed that only 167,000 thousand jobs were created in July, falling short of the numbers that the markets were expecting.

    The data also revealed that those jobs created were not really new jobs, but a recovery of old jobs that were lost after the pandemic lockdown.  With such weak numbers for July, analysts are projecting that the next ADP numbers could be flat.  All this points to an economy that has not yet entered a recovery phase. There is also the fact that Democrats and Republicans are yet to agree on a bailout package for the economy. Despite this environment of weakness, there are stocks that are gaining upside momentum in pre-market trading. Most of the top performers are stocks that have reported stronger than expected earnings. Some of the top performers pre-market are as below:

    Bausch Health Companies Inc [NYSE:BHC]

    This is a top performer this morning and is already up by 30% in pre-market trading.  This comes after the company released Q2 results that pointed to a strengthening of its financial position. It reported that its international arm made up 53% of its total revenues.

    The company also reported that the Salix segment specifically contributed 24% to its total revenues, while its Ortho Dermatologics business generated about 7% of the business.  Besides revenues, one of the key highlights of the Q2 results is that the company was able to reduce its debt by 100 million in Q2 with money that it raised from its operations. The company also reported that it has no debt maturities for the next 3 years.

    Beam Therapeutics Inc [NASDAQ:BEAM]

    Beam Therapeutics Inc is another top performer pre-market and is up by 23%. This stock is in the green ahead of its investor conference that will take place today at 1 p.m. Eastern Time and will be live on the company’s website. Investors are looking forward to news on progress on the company’s projects especially on MGTA-117, a collaborative project between Beam Therapeutics and Magenta Therapeutics for people suffering from beta-thalassemia and sickle cell disease.

    Tivity Health Inc [NASDAQ:TVTY]

    Tivity Health Inc is another top performer this morning and is up by 21% pre-market. Its rally follows a strong Q2 that saw revenues beat analysts’ projections. Analysts were expecting it to report an EPS of $0.25, but it reported an EPS of $0.79. Not only did the results beat analysts’ expectations, it also was better than Q2 of 2019 when Tivity reported an EPS of $0.64. This is likely to support bullish sentiment in this stock in today’s session.

  • Top Performers as Covid-19 Vaccine Progress Uplifts Markets

    Top Performers as Covid-19 Vaccine Progress Uplifts Markets

    The equity markets are up this afternoon with all the major indices recording strong upside momentum.  This follows a series of updates from biopharma companies about progress on COVID-19 vaccine development and distribution.

    Today, Johnson and Johnson has stated that it had struck a deal with the U.S government for the manufacture and distribution of 100 million of its COVID-19 vaccines. At the same time, Moderna, which has been on the frontline in the race for a vaccine has given more details on the pricing plans for their vaccine. The company’s CEO, Stephane Bancel, has stated that the doses would go for between $32 and $37.  This news on COVID-19 vaccine progress have lifted the markets due to the severe impact of the vaccine on the world economy. In this environment of high market optimism, a number of stocks are outperforming the market. Some of the day’s top performers are as below:

    Team Inc [NYSE:TISI]

    Team Inc is one of the top performers this afternoon and is up by over 20%. This stock’s rally follows the release of strong Q2 results despite the COVID-19 pandemic. The company reported that in the quarter, it reduced its debt levels by more than $26 million to hit the lowest quarterly debt levels in more than 4 years.  It also reported that in the quarter, its operating cash flows rose to $26.3 million, and this led to an increase in free cash flows of $26.3 million. The company also reported that in the quarter, it managed to cut costs by $35 million, beating its own estimates of $20 million to $25 million.

    Professional Diversity Network Inc [NASDAQ:IPDN]

    Another top performer this afternoon is Professional Diversity Network Inc and is up by 33%. Its rally comes after the company announced that it had entered into a partnership with Web Scribble. Announcing the deal, Professional Diversity Network CEO Adam He stated that, they were happy to launch a job board using Web Scribble’s expertise and knowledge. He added that the new website will offer clients and job seekers a smooth experience all through the hiring process. On its part, web-scribble CEO, Alexey Gutin stated that they were excited to partner with a market leader like PDN to offer innovative services.

    Alimera Sciences Inc [NASDAQ:ALIM]

    Alimera Sciences Inc is another top performer this afternoon and is up by 20%.  This follows the company’s release of its preliminary list of presenters for LD 500.  Company president Chris Lahji stated that the first list of companies that will do presentations at the LD500 on September 1st to 4th.  He added that this ambitious project will feature over 300 companies and over 20k attendees for the online event.

     

  • Top 3 Pre-Market Performers as Strong Earnings in Europe Lift Optimism in the Equity Markets

    Top 3 Pre-Market Performers as Strong Earnings in Europe Lift Optimism in the Equity Markets

    There is high optimism in the equity markets this morning driven by progress on economic bailout talks, and strong earnings by corporations across the Atlantic. Yesterday Democratic Senate Minority Leader Chuck Schumer stated that while they were still far off from a deal, they were still going.

    Across the Atlantic in Europe, several corporations have reported positive earnings with several others raising their outlook for the year. This points to the resilience of the global markets even as the COVID-19 pandemic continues to bite, and is a key factor to stock markets optimism.  Markets are also being supported by the upcoming trade discussions on August 15th between the U.S and China.  In this environment of improved market sentiment, here are some of the biggest gainers ahead of markets opening:

    Aerpio Pharmaceuticals Inc [NASDAQ:ARPO]

    Aerpio Pharmaceuticals Inc is a top performer this morning and is up by over 50%. The stock’s rally follows the company’s announcement of the 2nd clinical trial that will help test Razuprotafib in treating ARDS in people with mild to severe COVID-19.  The clinical trial is part of the MTEC-20-09-COVID-19 Treatment Military Infectious Disease Research Program (MIDRP).  The company announced that as a facilitation for the program, it will receive $5.1 million from MTEC. On its part, Aerpio stated that it would support the program with $2.8 million.

    MicroVision Inc [NASDAQ:MVIS]

    MicroVision is another top performer this morning and is up by over 16% in pre-market trading. The stock’s rally follows news that the company could be up for a buyout. According to the Motley Fool, CEO Sumit Sharma stated that they were considering offers from major companies in the auto and augmented reality industry.  While the CEO did not offer details on the amount being offered, analysts project that it could be close to the company’s present market cap. This seems to have excited the market if the stock’s pre-market price action is anything to go by.

    Acorda Therapeutics Inc [NASDAQ:ACOR]

    Acorda is another top performer pre-market and is currently up by 26%. The rally follows the release of Q2 results that beat analysts’ expectations.  The analyst consensus was an EPS loss of 0.46, while the company reported an EPS loss of $0.35. The company’s EPS loss also represented an improvement compared to the last financial year when its loss per share was $0.55.  The company attributed this improvement to a 7% increase in net sales, despite the challenges posed by the COVID-19 pandemic.

     

  • Top Gainers as Earnings Drive Market Momentum

    Top Gainers as Earnings Drive Market Momentum

    The stock markets are up this afternoon, with the NASDAQ, Dow, and S&P 500 all in the green. This comes as investors await earnings of several major corporations after markets close.  Some of the companies that will release their earnings after markets are Disney, Beyond Meat, and Nikola. Expectations are high that if these companies record good results, it could be a signal to economic resilience despite the coronavirus.

    The markets are also driven by optimism that democrats and republicans are moving closer to a deal on a COVID-19 economic bailout. Yesterday, House Speaker Nancy Pelosi met with the White House Chief of Staff Mark Meadows and Senate Minority Leader Chuck Schumer to discuss unemployment benefits.  In this environment of increased optimism, there are stocks that are gaining by very high margins. Some of the top gainers this afternoon are as below:

    Zovio Inc [NASDAQ:ZVO]

    Zovio Inc is a top gainer this afternoon and is up by 22.85%.  The stock’s rally comes after the company reported strong Q2 results. The company reported that Q2 earnings stood at $0.24, beating analysts’ consensus estimates of $0.11 by 118.18%. The company reported that its non-GAAP net income rose to $8 million compared to a loss of $4.6 million that it reported in Q2 of 2019 when it had a non-GAAP income of $4.6 million. The company attributed its strong performance to a strong enrollment that beat expectations.  It also attributed the results to increased innovation in its software services.  CEO Andrew Clark stated that the firm was working with the University of Arizona to create an entity that will be powered by Zovio’s technologies. With such innovation and continued resilience in a pandemic, this stock remains a must-watch in the near-term.

    iRhythm Technologies Inc [NASDAQ:IRTC]

    iRhythm is another top performer this afternoon and is up by 26% at the time of writing. It’s upside momentum follows the company’s comments on Medicare and Medicaid proposed schedule for 2021. The company noted that the proposed rule that was set yesterday doesn’t include all the needed information, more specifically the Practice Expense RVU. iRhythm added that it would offer additional information based on the details provided by the CMS.

    Precipio Inc [NASDAQ:PRPO]

    Precipio Inc is another top gainer this afternoon and is up by over 30%. Its huge gains come after the company announced that it had launched antibody tests for COVID-19 in its labs. It stated that physicians will be in a position to do tests by simply drawing a blood sample from the patient.  CEO Ilan Danieli stated that the company was committed to making moves that will drive up customer and shareholder value.

  • Stocks to Watch as Increasing COVID-19 Numbers Dampen Market Sentiment

    Stocks to Watch as Increasing COVID-19 Numbers Dampen Market Sentiment

    The markets are headed for a weak start this Tuesday. This follows news of a resurgence in COVID-19 numbers in the EU, the U. S and across the world. Already, Melbourne, Australia’s second-largest city is back in lockdown.  Another spike in COVID-19 cases could dampen hopes of a global economic reopening, and further, put a strain on the economy.

    The markets are also facing uncertainty due to the stalemate between democrats and republicans on the economic bailout. While Democrats have indicated that they are close to a deal with the Whitehouse, it is still uncertain of when such a deal will materialize due to a disagreement on the employment benefits extension. Despite this environment of a mixed outlook, there are stocks doing well pre-market mainly due to strong quarterly results. Some of the biggest performers ahead of markets opening are:

    Alterity Therapeutics Limited [NASDAQ:ATHE]

    Alterity Therapeutics Limited is one of the top performers pre-market and is up by over 200%. This comes after the company announced that it had got positive data for its MSA drug on animal testing. The company reported that data from Dr. Nadia Stefanova’s laboratory showed that ATH434 reduced a-synuclein pathology, and also led to improved motor performance.

    ATH434 is being developed as a treatment of Parkinson’s disease and MSA.  The research showed that the treatment was well-tolerated and showed effectiveness in a predictive animal model. Commenting on the research Alterity’s Chief Medical Officer, Dr. David Stamler stated that the animal testing data supports positive safety and pharmacokinetic clinical data that the company has released. This is a big deal and could see the stock rally all through the day.

    Danos Corporation [NYSE:DAC]

    Danos Corporation is another top performer pre-market and is up by 26%. This follows the company’s strong Q2 results.  The company reported an EPS of $1.71, slightly higher than the analyst consensus of $1.42. The company reported that its operating income increased to $116.8 million compared to $112.3 million in Q2 of 2019.

    The company stated that it was moving forward with its growth strategy and that it was cushioned from the market volatility. In its statement, the company also added that it was fully committed to technological innovation in a bid to satisfy its customers. As its strong quarterly results filter into the market, it could open the day in the green.

    Ossen Innovation Co Ltd [NASDAQ:OSN]

    Ossen Innovation Co is another top performer this morning and is up by 21% in pre-market trading.  There is no major news around this company at the moment, which makes it price action-driven. The stock has been gaining steadily, with volumes rising. This rally could be a breakout on a surge in volumes.

  • Best Performing Stocks as Dow Leads Market Rally

    Best Performing Stocks as Dow Leads Market Rally

    The markets are in the green this afternoon with the Dow adding 200 points to make it the day’s top performer. The NASDAQ and the S&P 500 are in the green too, gaining by 142 points and 23 points respectively. The Dow’s exceptional performance is largely driven by Microsoft, which has rallied on Tiktok buyout news. Markets have also been revamped by expectations of strong earnings from major corporations, and the continuing talks between democrats and republicans over the next stimulus package.

    While there is a huge gap between what the two sides want from a stimulus, the markets are optimistic that middle ground will be found and resuscitate the economy beaten up by the COVID-19 pandemic. In this environment of high optimism, stocks are rallying, and some of the best performers this afternoon are as below:

    Datasea Inc [NASDAQ:DTSS]

    Datasea is one of the best performers this afternoon and is up by over 60%. The stock’s huge gains come after it announced that it had entered into an agreement with Beijing Tengyuenjunjie Parking Management for the installation of its control system in Nanaipingzhung Beixiang, a residential area in Beijing. The engagement has a value of $7800 and will run for three years. Through this deal, Dataset will handle the hardware, software, and installations. Commenting on the deal, CEO Liu Zhixin stated that the city of Beijing has more than 21 million inhabitants and over 6000 communities in residential setups. He added that in the long run, the company was looking to capture a significant portion of this market using its proprietary technologies.  This news plus the overall positive sentiment in the market has seen this stock rally and is likely to close the day with significant gains.

    ADT Inc [NYSE:ADT]

    ADT Inc is another top performer this afternoon and is up by 60%. These gains follow news that Google was buying a $450 million stake in the company. Through the deal, Google will have a 6.6% stake in the company. At the moment, ADT is the biggest home security company in the United States and has over 6 million customers. Commenting on the deal, ADT CEO Jim DeVries stated that the partnership with Google as part of the company’s move to stop pursuing a strategy of product agnosticism. He added that the company would integrate Amazon’s product, Alexa, into its systems if the market demands it.

    Pitney Bowes Inc [NYSE:PBI]

    Pitney Bowes Inc is another top performer this afternoon and is up by over 40%. This comes after the company announced that it had secured a government contract worth $5 million for its shipping and mailing technology. The government agency will benefit through cost-savings and a higher level of efficiency. CEO, Jason Dies stated that the company was happy to be part of the transformation process to make the government more efficient.

     

  • Stocks to Watch as Corporates Raise Estimates for Q3

    Stocks to Watch as Corporates Raise Estimates for Q3

    It’s a good start for the markets today. According to data by Factset, big companies raised their Q3 estimates by 1.1% in July. Historically, companies usually cut their estimates at the start of the quarter, which makes the current move an exception.  Data shows that in the past 5-years, the average decline in bottom-up earnings per share at the start of a quarter is 2.8%. The increased estimates point to higher confidence in the corporate world that the economy could be getting better. That’s because such numbers mean that stocks are fairly priced and that there is room for growth.  Putting this in the context of the wider market, the higher estimates are related to the government’s move to support the economy through the CARES Act. In this environment of increased optimism, a number of stocks have gained significant upside momentum in early morning trading. Some of the biggest gainers pre-market are as below:

    Vislink Technologies Inc [NASDAQ:VISL]

    This stock is on a roll pre-market and is up by over 500%. This rally is driven by two key factors. The first one is the increased optimism in the market, as shown by the higher quarterly estimates. Secondly, is the company’s reverse 6-1 stock split. The stock split will come into effect today under number 92836Y 300.  CEO, Mickey Miller stated that they had made major progress in turning around operations by bringing in new leadership. He added that the stock split is a step towards keeping its listing on the NASDAQ and continued value growth.

    Highway Holdings Limited [NASDAQ:HIHO]

    Highway Holdings Limited is another top performer pre-market and is up by over 100%. This is largely momentum-driven as there is no major news happening around this company at the moment. Late last week, the company announced that it was delaying the release of 2020 financial results due to the COVID-19 pandemic. However, the company stated that the delay will not impact its ability to file proxy statements and it’s AGM that will take place in October. Going by its current momentum, a positive start to the markets could see it make significant gains in the day.

    Immunic Inc [NASDAQ:IMUX]

    Immunic Inc is another top performer pre-market and is up by over 30%. Its momentum is driven by news of positive top-line data from the phase 2 study of EMPHASIS trial for its treatment called IMU-838. The study showed that the treatment met its primary endpoints in safety and tolerance. Besides positive treatment data, the company reported Q2 results that show that it in the quarter, it had cash and cash equivalents of $48.6 million.

  • Biggest Stock Gainers at the Close of the Week

    Biggest Stock Gainers at the Close of the Week

    It’s a mixed day in the markets today.  The Dow and the S&P 500 are in the red as the markets digest the news of the economic impact of the COVID-19 pandemic. The latest economic data shows that in Q2 of 2020, the U.S economy contracted to levels never seen before in post-war America. However, this dampened mood has not adversely affected the NASDAQ, as it has been boosted by the strong performance of the big tech companies.  Facebook, Apple, Google, and Amazon have all reported strong results in Q2. Even in the current mixed environment, there are a number of stocks that are looking to end the week with strong gains. Some of the day’s biggest gainers are as below:

    Goosehead Insurance Inc [NASDAQ:GSHD]

    Goosehead Insurance Inc is one of the top gainers this afternoon and is up 24%.   This follows the company’s release of stronger than expected Q2 results.  The company reported that revenues in Q2 stood at $29.9 million. Breaking down the numbers, sales from total franchises increased by 48%, while corporate sales grew by 49%.

    On top of that, the company reported that it had a net income of $7.4 million and also declared a dividend of $42 million. Comparing the numbers to previous quarters, the company stated that revenues grew by 54% compared to Q2 of 2019. The company also stated that its core revenues grew by 41% compared to a similar quarter in 2019. The company CEO Mark E. Jones stated that the results were a reflection of the market reception of its powerful platform.

    Issuer Direct Corporation [NYSE:ISDR]

    Issuer Direct Corporation is another top performer this afternoon and is up by 24%. The stock’s upside momentum follows the company’s release of strong Q2 results. The company reported that in Q2 of 2020, it had revenues of $3.3 million and that on a year-on-year basis, its EBITDA doubled to 28%. Total revenues for Q2 were higher by 18% compared to a similar period in 2019.  The company also reported that gross margins increased to 72% of revenues compared to 70% of revenues in Q2 of 2019. The company also announced that it engaged in a stock repurchase program and bought shares worth $580,000 in Q2.

    Zion Oil & Gas Inc [NASDAQ:ZN]

    Zion Oil & Gas Inc is a top gainer this afternoon and is up by 76%. This comes after the company announced that it had received approval from the Israeli Ministry of Energy for its next oil drilling plan. The CEO Robb Dunn stated that the progress was a miracle given the complexities that have been brought about by COVID-19.