STOCKS TELEGRAPH

Author: ST Staff

  • Top Gainers Pre-Market as Big Tech Uplifts Markets

    Top Gainers Pre-Market as Big Tech Uplifts Markets

    It’s a good day for the markets today, with all the key indices in the green. This follows strong quarterly results by big tech companies. Facebook announced that revenues in the quarter grew by 11% an indication of the resilience of its business despite the COVID-19 pandemic.

    On its part, Alphabet beat analysts’ top and bottom-line estimates despite a drop in its ad revenues, when compared to a year ago. Apple reported that it had revenues of $59.7 billion in Q2, beating estimates by $7 billion. The biggest winner among the big tech stocks is Amazon. The company reported that it had doubled its income in Q2 when compared to a similar quarter in the last financial year. Amazon has benefited immensely from increased spending on its e-commerce platform during the pandemic. Besides big tech, there are a number of other companies that are doing well ahead of market opening.

    Pinterest Inc [NYSE:PINS]

    Pinterest Inc is one of the top gainers pre-market and is up by over 30%.  This comes after the company announced strong Q2 earnings that beat analyst expectations. The company reported that the number of users increased in Q2 by 39% to hit 416 million, against analyst expectations of 372.7 million. The company attributed the jump in user numbers to the stay-at-home orders that have forced people to spend more time on social media for family and business connections. In terms of revenues, the company reported that there was an increase of 4% to $272 million, while analysts were expecting revenues of $251.2 million.

    Under Armor Inc [NYSE:UA]

    Under Armor, Inc is one of the top gainers this morning and is up by over 10% pre-market. This comes after the company announced better than expected Q2 results. While the company reported a decline in revenues due to the COVID-19 pandemic, gross margins rose by 280 points to hit 49.3% when compared to a similar quarter last year. The company reported a 15% drop in administrative expenses. The company’s management stated the results were impressive when put in the context of the current pandemic.

    Altice USA Inc [NYSE:ATUS]

    Altice USA Inc is another top performer this morning and is up by over 5% after it reported strong Q2 results. The company reported that total revenues grew by 1% to hit $2. 47 billion. It also reported that net income attributable to shareholders increased to $111 million compared to a similar quarter in 2019.  The company further reported that free cash flows increased by 49.8% compared to a similar quarter in 2019.

  • Top 3 Stocks to Watch As Weak GDP Numbers Sink Markets

    Top 3 Stocks to Watch As Weak GDP Numbers Sink Markets

    The markets continue to trade in negative territory, due to the weak GDP economic data released earlier in the day.  The data is indicative of an economy that has been significantly hit by the COVID-19 pandemic. Given that there is no vaccine or cure available, it indicates that in the near-term, demand could remain low, and most companies might continue reporting lower financial numbers.

    Key indices are already in the red, with Dow 30 taking the biggest hit to trade lower by over 1%. However, even in this environment, there are stocks that are in significant gains. Some of the biggest gainers this afternoon are as below:

    Taoping Inc [NASDAQ:TAOP]

    Taoping Inc is one of the biggest gainers this afternoon and is up over 400%. This stock’s massive gains come after the company announced that it had upgraded its Taoping Smart Cloud platform and that it was now in the market. The company stated that the upgraded platform has been optimized to handle transaction systems, data monitoring, and ad publishing among other features.

    The company added that with the platform, it was in a position to offer better user experience and flexibility. The kicker is that the platform will help the company expand its partner model. CEO Jianghuai Lin has stated that the platform will help boost the company’s cash flows by a significant margin.

    Precipio Inc [NASDAQ:PRPO]

    This is another big gainer in the day and is up by over 290%. This rally follows the company’s announcement that it had launched a commercial COVID-19 antibody test. The company’s management stated that it had entered into a partnership with ADS Biotech for the distribution of COVID-19 serology antibody tests. The company further stated that it will do a test-run in August. CEO Ilan Danieli stated that the company was happy with the partnership and that it would help with the distribution of the test, both in the U.S and globally.

    DIRTT Environment Solutions Ltd [NASDAQ:DRTT]

    DIRTT Environment Solutions Ltd is another top gainer this afternoon and is up by over 60%. This comes after the company reported strong Q2 financial results.

    The company stated that revenues for the quarter stood at $42.2 million. It also reported gross profit margins of 33.7% and a cash balance of $44.6 million. The company’s management stated that the strong results were the result of the continuous implementation of its strategic plan. CEO Herman Miller stated that they were looking to further strengthen their commercial capabilities. He added that early in the month, they launched Make Space for Possibilities™, a strategic marketing campaign for this goal.

     

  • Weak Economic Data Dampens Markets, But There Are Winners

    The markets have opened lower today, amidst weak economic numbers in the U.S. Data shows that the U.S GDP dropped by 32% in the last quarter. The number of jobless people also shot up indicating a weakening of the labor markets According to the Commerce Department, there was a spike in the country’s jobless numbers in the past week, indicating that the economy is slowing down again especially in the Western and Southern States. The mood is further dampened by the Federal Reserve’s observation that the increasing numbers of coronavirus cases could slow down the rate of economic recovery. Nonetheless, there are stocks that are performing well in the current environment driven mainly by earnings. Some of the stocks that are doing well this morning and have been performing well since early morning. Some of the early morning top performers are as below:

    Qualcomm Incorporated [NASDAQ: QCOM]

    QUALCOMM has been one of the top performers in early morning trading.  The stock’s strong performance follows the company’s announcement that it had entered into a $1.8 billion licensing deal with Huawei. The terms of the agreement include licensing rights to some Huawei patents. Through the deal, Qualcomm expects to make about $1.8 billion and the deal will start on January 1st. Besides news on the Huawei deal, the company offered guidance for its Q4 earnings. It stated that it expects revenues of between $5.5 billion and $6.3 billion in Q4.  It also added that it expects an EPS of between $1.05 and $1.25. The results also touched on its 5G rollout stating that it was starting to realize benefits from the investment and that it was fully embracing the challenges that 5G presents.

    Apache Corporation [NASDAQ: APA]

    Apache Corporation is another big gainer this morning and has been gaining from the early morning. Its strong upside momentum comes after it announced strong Q2 results. The company reported that it had a diluted EPS of $1.02 and a loss of $218 million. The company’s CEO stated that its offshore exploration program was a success. The company also announced that it had made a major discovery at Kwaakwasi-1, and more success in its block-58.

    Hologic Inc [NASDAQ: HOLX]

    Hologic Inc is another top performer this morning and has been in the green since pre-market. This comes after the company announced better than expected Q3 results. The company announced that its revenues grew by 8% to hit $822.9 million, or an EPS of $0.75. The company stated that the strong performance was driven by increased demand for its COVID-19 test kits. It is for the same reason that the company expects strong performance in the coming quarters.

  • Top Stocks As Federal Reserve Restores Market Confidence

    Top Stocks As Federal Reserve Restores Market Confidence

    The equity markets have regained upside momentum this afternoon. This follows the Fed’s decision to keep supporting the markets.  A statement from the FOMC said that the direction the economy takes will depend heavily on the coronavirus and that the virus will significantly affect employment numbers and inflation. The Fed then added that it was ready to use a wide array of tools to support the economy.

    The Federal Reserve further stated that it would increase its levels of treasury securities, and both commercial and residential mortgage-backed securities at current prices.  The news has seen the major stock indices rally with the NASDAQ now up by 1.50%. Individual stocks are also on the rise. The most visible stock gainer today is Kodak, which is up by 500%, dwarfing the stellar day that it had in yesterday’s trading session. Besides Kodak, other stocks that have recorded significant gains this afternoon are as below:

    Tupperware Brands Corporation [NYSE:TUP]

    This is one of the biggest gainers in the day and is up by 62% this afternoon.  The rally follows the company’s strong Q2 results that have beat analyst expectations. The company announced that its diluted EPS was 60% higher than the amount that it reported in 2019.

    The company also announced that in the quarter, its cash flow from its operations was higher by $71 million compared to Q2 of 2019. Nonetheless, the company reported that due to the COVID-19 pandemic, sales declined by 16% compared to the previous quarter.  CEO Sandra Harris noted that the increase in profitability was due to the company’s commitment to improve its profit margins and strengthen the balance sheet.

    Sonoma Pharmaceuticals Inc [NASDAQ:SNOA]

    Sonoma Pharmaceuticals Inc is another top performer this afternoon and is up by 52%. These gains come just a day after the company announced that Microsafe® disinfectant had passed the compatibility test for Boeing and Airbus commercial planes. The company’s CEO Amy Trombly stated that they were happy with the tests and that they expanded the company’s potential sales in the airline market, due to the COVID-19 pandemic. She added that the company was continually looking to grow its market reach across the globe.

    Big 5 Sporting Goods Corporation [NASDAQ:BGFV]

    This is another top gainer this afternoon and is up by 49%.  Its gains come after it reported impressive Q2 results. The company announced that its net income for Q2 stood at $11.1 million and that it was reinstating dividends. It further announced that store sales shot up by 31% and that it now had a cash position of around $38 million.

  • Top Performers Markets Awaits News from Congress and the Federal Reserve

    Top Performers Markets Awaits News from Congress and the Federal Reserve

    The markets are in uncertain territory this morning as they await direction on the stimulus package from Congress and monetary policy direction from the Fed. On the bailout issue, the markets will be looking for a hint on a compromise between Democrats and Republicans.

    One key event that is heavily watched is a hearing between the CEOs of major tech companies and the House Judiciary Committee.  As for the  Federal Reserve, the market is looking forward to Jerome Powell’s press conference that will happen in the early afternoon at 2:30 p.m. Eastern Time. The market is likely to remain undecided until these two events happen. Nonetheless, there are stocks that are already in the green in pre-market trading. Some of the biggest gainers are as below:

    L-Brands Inc [NYSE:LB]

    L-Brands is one of the top gainers in pre-market trading and is up 18.14%. This follows the company’s announcement that it was cutting costs to the tune of $400 million. The company stated that it was spinning off the struggling Victoria’s Secret business from the well-performing Bath & Body Works business. The company added that it would cut costs through a plan aimed at increasing the profits of Victoria’s Secret. The company also aims to achieve this by decentralizing and better streamlining corporate functions. From its plans, the company expects to cut about $175 million in 2020.  The company CEO added that they had made massive progress on this front in Q2.

    FireEye Inc [NASDAQ:FEYE]

    This is another top performer pre-market and is up 14%.  This came after the company released better than expected Q2 results. The company announced that revenue in Q2 stood at $230 million representing an increase of $15 million compared to the guidance it had offered earlier.

    The company added that it had a year-over-year increase of 30% driven by its cloud services and managed services. The CEO stated that they were happy to record the 9th quarter of growing revenues in the company’s subscription services. The CEO also added that Q2 was the 3rd quarter that the company had recorded services revenue growth by over $50 million. The company also added that its intelligence threats business grew by 27%.

    Advanced Micro-Devices Inc [NASDAQ:AMD]

    Advanced Micro-Devices is gaining pre-market and is up by 11% at the time of writing. This comes after the company released Q2 results that beat analyst expectations. The company has reported that in Q2, revenues grew by 26% hit $1.93 billion compared to a year earlier. The company has attributed its growth to strong demand for chips by PC makers and data centers. As the news filters into the market, this stock could be a top performer in the day.

  • Watch these Stocks Today: US Futures Pointing A Slightly higher Open

    Watch these Stocks Today: US Futures Pointing A Slightly higher Open

    Stocks posted losses yesterday after several prominent companies reported slower-than-expected earnings figures. The NASDAQ was the biggest loser with 1.2% declines, while the DJIA and S&P 500 suffered only fractional losses.
    This morning, US futures are pointing to a slightly higher open, Fed Chairman Jerome Powell is set to speak today, and his comments could have a major impact on today’s trading action.
    Today’s featured earnings docket includes pre-bell reports from Shopify (SHOP), Boeing (BA),  General Electric (GE), and General Motors (GM). After the close, we have Paypal (PYPL), Facebook (FB), and Qualcomm (QCOM).
    These stocks are making big moves this morning in pre market.
    Socket Mobile Inc. (SCKT) 
    Socket Mobile announced the launch of a new product this morning, the DuraScan D755 medical-grade universal scanner. The product is specially built to stand up to the challenges of a healthcare environment, and Socket says it’s the perfect option for busy hospitals.
    SCKT is rallying on news of the product launch. It’s currently up 31.6%.
    On Deck Capital (ONDK) 
    Late yesterday, On Deck announced that it had entered into a deal to be acquired by Enova to create a “leading fintech serving consumers and small businesses.” The cash and stock deal is valued at approximately $90 million or $1.38 per share.
    On Deck rallied sharply once the merger news hit the wires. It’s currently up 48.2%.
    General Electric (GE) 
    GE is trading actively in the pre-market thanks to an upbeat Q2 earnings report. The firm reported a wider than expected loss for the quarter, but revenues came in ahead of consensus estimates. Investors seem to be most excited about the company’s claim that it expects to be cash flow positive by next year.
    GE is one of the most active S&P 500 stocks this morning and it’s currently up 2.0%.
    Advanced Micro (AMD)

    AMD reported it’s Q2 earnings today and the results came in well ahead of expectations. The company outpaced expectations for both earnings and revenue growth, and it also reported record sales of notebooks and server processors. AMD also raised its full-year outlook for the year, citing continued strength in the PC and data center markets.
    AMD is taking off in the pre-market after releasing that home run earnings report. It’s currently of the morning’s most active stocks and it’s up 10.75%.

  • Eastman Kodak [KODK] Leads the List of Stock Biggest Gainers Even as Market Sentiment Remains Sluggish

    Eastman Kodak [KODK] Leads the List of Stock Biggest Gainers Even as Market Sentiment Remains Sluggish

    The key stock indices are down this afternoon, continuing a trend that started earlier in the day. At the moment, the Dow is down by 0.23%, NASDAQ by 0.15, while the S&P is hovering between positive and negative territory. The lack of momentum is due to market uncertainty with regards to the second bailout that senate republican leader Mitch McConnell tabled.

    The bill would offer a major lifeline for an economy that has been battered by the COVID-19 pandemic. Mixed earnings from major corporations have also dampened the mood in the market. For context, Mcdonald’s missed earnings expectations while Pfizer recorded an increase in sales.  Other companies that have reported earnings today include Harley-Davidson, which became a loss-maker for the first time in a decade.

    Nonetheless, the market has some support from positive news with regards to progress on the COVID-19 vaccine.  Yesterday, Moderna announced that it was now in the late-stage testing for its COVID-19 vaccine candidate. Despite the mixed market sentiment, there are winners that have gained exponentially for the past few hours. Some of the day’s biggest winners are as below:

    Eastman Kodak Company [NYSE:KODK]

    Eastman Kodak Company is one of the top gainers this afternoon and is currently up by 224%. This follows news that the company has been given a $765 million loan to make drug ingredients, with the goal of helping reduce the country’s dependence on foreign supply chains. The U.S International Development Finance Corp said that it would sign a letter of intent with the company.  Commenting on the deal, White House trade advisor stated that this was the first in the U.S move towards establishing independence from international supply chains for pharmaceuticals. With the loan, Kodak will launch Kodak Pharmaceuticals, a company that will make key pharmaceutical components.

    Vocera Commmunications Inc [NYSE:VCRA]

    Vocera Communications Inc is another top gainer this afternoon and is up by 39%. The stock’s rally follows the release of strong Q2 results.  The company has reported that Q2 revenues stood at $47.3 million, beating analyst expectations of $40 million.  This represents an EPS of $0.10, higher than the net loss of an EPS of $0.06. The company noted that the strong results were due to a number of large strategic deals. The company also announced that it had deferred revenues of $127.5 million and had a full slate of software deployments.

    Mercurity Fintech Holding Inc [NASDAQ:MFH]

    Mercurity Fintech Holding Inc is another top gainer this afternoon and is currently up by 33%. The company’s strong performance is purely driven by speculative price action. The last time the company had major news was on July 10th when it announced that it was bolstering its board.

  • 6 Apparel Manufacturing industry stocks making moves in July

    6 Apparel Manufacturing industry stocks making moves in July

    The Coronavirus crisis has hit the apparel industry hard. Less consumer demand, Less discretionary spending, and online orders resulting in stores remaining closed continue to take their toll on the apparel manufactures.

    Apparel Manufacturing industry has decline over -39.60% year to date and over 3.97% in last three months. Last month was especially good with 10.78% in green with average volume of 54.20M.

    But for April 2020 retail spending plunged to a record 16.4%, according to data from the U.S. Census Bureau. Clothing stores were hit the hardest as sales in the industry tumbled nearly 79% compared with March 2020. 

    The lockdown in most countries was imposed toward the end of March and now things are opening up.The top three stock leading these gains in recent month are SQBG with 39.47% price change while LAKE saw a surge of 4.66%. PVH Corp. (PVH) moved up 2.29% to $51.27.

    Sequential Brands Group Inc. (NASDAQ:SQBG)

    Sequential Brands Group Inc. (SQBG) is one of the hot stock today traded 2077268 shares today. The company has invested millions building it presences, racking up $514.27 million of debt in the process.

    SQBG stock is currently trading at $7.25 with 1st support level on of $4.81 and the 1st upside resistance level of SQBG is $5.90. SQBG has performed -44.68% over the past 4 weeks, stock has performed -31.58% over the past 3 months and Sequential Brands Group Inc. has shown -70.63% over the past 1 year.

    Lakeland Industries Inc. (NASDAQ:LAKE)

    Lakeland Industries Inc. grow 120.38% this year to reach $190.44 million of market cap.

    LAKE shares are trading at $24.22 at the time writing with 1st support level on of $22.49 and the 1st upside resistance level of LAKE is $23.62. LAKE has performed -0.98% over the past 4 weeks, stock has performed 53.75% over the past 3 months while LAKE stock fifty day moving average is $21.96 and LAKE 200-day moving average is $16.49.

    Other notable stocks in apparel manufacturing industry were CPRI with weekly loss of -4.60%, GOOS saw 2.39% and LEVI with 1.50% in same period.

    PVH Corp. (NYSE:PVH)

    PVH Corp. (PVH) traded at $51.27 at the time of writing on 07/27/20, making an upward move of 2.29%. PVH Corp. decrease -43.88% this year to reach $3.62 billion of market cap. 

    PVH shares has 1st support level on of $49.12 and the 1st upside resistance level of PVH is $50.66. PVH has performed 6.91% over the past 4 weeks, stock has performed 5.21% over the past 3 months while PVH stock fifty day moving average is $49.54 and PVH 200-day moving average is $57.69.

    Other notable stocks in apparel manufacturing industry were CPRI with weekly loss of -4.60%, GOOS saw 2.39% and LEVI with 1.50% in same period.

  • High Potential Stocks Today Even As Bailout Talks Bog Down Markets

    High Potential Stocks Today Even As Bailout Talks Bog Down Markets

    It’s a mixed day for the U.S stock markets as investors await progress on a possible $1 trillion bailout for the U.S economy. Yesterday after the close of trading, senate majority leader Mitch McConnell announced the HEALS Act. This is a new stimulus bill that aims to cushion vulnerable Americans from the adverse effects of the COVID-19 pandemic.

    Part of the bill is a $1200 direct check payments, and an extension of the enhanced employment assistance. The markets will be watching to see if republicans and democrats can arrive at a compromise with regards to the bailout. If there are no signs of consensus, there is a likelihood of the markets easing some of the gains made recently.  Despite the dampened mood and increased volatility in the markets, there are a few stocks that have made a strong showing in pre-market trading. Some of the big winners are as below:

    OneMain Holdings Inc [NASDAQ:OMF]

    OneMain Holdings is among the stocks that are in the green in pre-market trading. This follows the company’s release of impressive Q2 results. While there was a drop in net income when compared to Q2 of 2019, the company managed to record an impressive Q2 net income of $118 million.  Even more impressive is that the company announced a dividend of $2.33 per share that will be payable on August 10th, 2020. Commenting on the results, CEO Doug Shulman stated that the company continues to focus on its core business strengths to drive growth. He added that it was navigating the current tough business environment through complex underwriting, a strong balance sheet, and a hybrid operating model.

    Polaris Inc [NYSE:PII]

    This is another stock showing signs of strength premarket and is up by 5%.  This comes after the company released its Q2 financial results that pointed to a growth in North American sales.  The company attributed this to a 57% increase in the sales of ORV and motorbikes.  The company also reported that dealer inventory declined by 47%, driven by the increased sales, and lower shipments due to the COVID-19 pandemic. The CEO noted that they were impressed with the company’s resilience despite the near shutdown of the company’s U.S dealerships.   From the stock’s performance, it is clear that the market is impressed with the results.

    Viasat Inc [NASDAQ:VSAT]

    Viasat Inc is another stock showing strength this morning. This follows yesterday’s announcement that the company’s announcement that it had equipped Bombardier Challenger jets with its Ka-Band service. The company added that the move would see it strengthen productivity and improve the customer experience. Bombardier Challenger business jets customers will now have access to high-capacity Ka-band satellites. This is a big deal and could see it keep gaining when markets open.

     

  • Top Gainers as Positive Market Sentiment Grows

    Top Gainers as Positive Market Sentiment Grows

    The markets are up this afternoon buoyed by hopes of a stimulus package and positive news from big pharma. Pfizer Inc [PFE] was surging earlier in the day on news that the company was in talks with Sanofi, Johnson & Johnson, and the European Union for a possible COVID-19 vaccine distribution deal. Though later news seems to indicate that the deal has hit a snag, it has nonetheless helped push optimism in the market.

    Another news driving market sentiment this afternoon is the launch of several IPOs that include that of Rackspace technology [RXT] and East Resources that has closed its IPO raising a gross of $300 million. IPOs at this time show that companies still have faith in the equity markets despite the volatility brought about by the COVID-19 pandemic. In this environment of optimism, there are big winners in individual stocks. Some of the biggest winners this afternoon are as below:

    MediciNova Inc [NASDAQ:MNOV]

    MediciNova Inc is one of the top gainers in the day and is up by 87.06%. The stock has rallied after the company announced that it had entered into a COVID-19 joint venture with BioComo and Mie University Japan. The vaccine will be developed using a human parainfluenza virus type 2 vector. Under the deal, MediNova now has exclusive rights to the development rights to make use of BC-PV for a SARS-Cov-2 vaccine.

    Commenting on the deal, MediNova CEO has stated that they were happy with this partnership as the world rushes to look for a COVID-`19 vaccine or cure. He added that it was interesting that they were looking at it from an intranasal formulation angle because it could help trigger local mucosal immunity.

    Sogou Inc [NYSE:SOGO]

    This is another top gainer this afternoon and is up 47%. The stock’s rally follows the company’s announcement that it would release its Q2 results on August 17th. The stock’s upside momentum is also buoyed by news that Tencent Holdings was looking to buy it out at $9 a share. This has seen the stock gap up and rallies towards the premium valuation that Tencent Holdings has placed on it. The news of a buyout has come at a time when the market is showing positive momentum.

    Ocugen Inc [NASDAQ:OCGN]

    Ocugen Inc is another top gainer in the day. The stock is up by 45% and is gaining. The rally follows news that the company had been given an Orphan Drug Designation by the FDA for RHO mutation gene-therapy treatment called OCU400. The company CEO stated that this was a major step towards a treatment for Retinal Degenerative Disease.