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.