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.