The stock markets are headed to a good start this morning. Analysts expect that with Russia’s move to approve a vaccine, the west will also move fast to release one. A vaccine surprise now, or in the near future, could send the markets rocketing as it would offer hopes of a full economic reopening.
As the markets await such news soon, there is increased optimism that one will be available before the end of the year. This coupled with Trump’s executive orders on the economy are likely to support the markets today, and all through the week. As optimism rises, stocks that have good news such as earnings, technical developments, or major partnerships are likely to record major gains in the day. Some of the stocks that are showing potential for major gains in the day are as below:
India Globalization Capital Inc. [NASDAQ:IGC]
India Globalization Capital Inc. is a top gainer pre-market and is up by over 50%. This follows the company’s announcement that the FDA had approved its pain treatment. The company stated that its cannabinoid formula was meant for the treatment of muscle pains, neuropathic pain, and chronic pain. Pain management is big business and costs disability programs, and organizations through lost productivity, more than $500 billion annually. The company stated that it was seeking patents for the product, the delivery systems as well as the molecular modifications among other proprietary technologies. Given the impact that this new treatment will have on its bottom-line, the company could a top gainer all through the day.
Summer Infant Inc. [NASDAQ:SUMR]
Summer Infant Inc. is another top performer this morning and is up by 29%. These gains come hours after the company announced its financial results for the 2020 financial year. The company reported that net sales in the quarter stood a $38.23 million, a slight drop from the $46.4 million that it reported in Q2 of 2019. The company attributed this to the COVID-19 pandemic that affected retail availability an also created supplier constraints. The company also reported that it was restructuring to cut on costs stating that G&A costs dropped from $8.1 million in Q1 to $6.7 million. The company also reported that in Q2, it had cash flows of $9.6 million compared to $2.4 million in a similar quarter a year ago.
Cellular Biomedicine Group Inc. [NASDAQ:CBMG]
Cellular Biomedicine Group Inc. is gaining pre-market and is up by 35%. This follows the company’s announcement that it had entered into a definitive agreement for a merger that would take it private. Under the deal, shareholders of CBMG will get $19.75 per common stock.