The markets are in the green pre-market and all the major indices have recorded gains after a mixed performance on Thursday. The increased positive sentiment comes ahead of economic data on housing from the Commerce Department. It is expected that the data will show a recovery in the housing market in spite of the COVID-19 pandemic. Individual stocks are performing well pre-market too, with some recording exponential gains. Some of the biggest gainers in pre-market trading are:
RumbleON Inc [NASDAQ: RMBL]
This stock has recorded some strong gains pre-market and at one point was up by over 100%. At the moment, its gains are at 97.48%. This stock’s pre-market pump is driven by the company’s announcement that it had started its dealer-centric pilot program with CarGuru. Under the deal, CarGurus will use RumbleON’s technologies for its inventory acquisition product. Commenting on the deal, RumbleON CEO, Marshall Chesrown stated that the company’s technology continues to serve many dealers. He added that the company’s agnostic approach to business had helped it grow fast and develop relationships in both the automotive and powersport markets. The deal points to a growing market share for RumbleON Inc and is playing into the stock’s price action at the moment.
Houghton Mifflin Harcourt [NASDAQ: HMHC]
Houghton Mifflin Harcourt is another top gainer ahead of market opening and is up by 22%. Its strong upside momentum comes hours after the company announced that it had started an online tool for teachers, to facilitate them during this COVID-19 period. Through this tool, the company will help teachers improve their skills, and also connect with other stakeholders in the education sector. The strong positive response that the stock has received in the market point to optimism that the new tool the company has launched has potential in the market. It will be interesting to see how this stock will play out in the day.
Novavax Inc [NASDAQ: NVAX]
This is another stock that is showing lots of potential ahead of market opening. The stock is up by 5.89% and gaining. This comes after the company announced that it was joining operation wrap speed. This is a program by the U.S government to help accelerate the development of a COVID-19 vaccine. By joining the program, Novavax will use federal money to complete the development of its COVID-19 vaccine called NVX-CoV2373. The company will also use the money for its manufacture possibly before the end of 2020.