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.