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.