The markets are up this afternoon with the NASDAQ and the S&P 500 both in the green. This follows the release of better than expected unemployment data by the Labor Department. The department has announced that weekly jobless claims dropped for the first time in 5 months.
The markets were expecting jobless claims to come out at 1.1 million, but they came out at 963k for the week that came to a close on August 8th. The data also shows that continuing jobless claims on a weekly basis dropped to their lowest during the Coronavirus period to stand at 15.486 million. This was the first time that the numbers were dropping below 16 million during the pandemic era. This coupled with hopes of a vaccine has seen market optimism increase. The markets are hopeful that a vaccine could help reboot the economy and push it back to pre-pandemic levels. As market optimism rises, certain stocks are outperforming the market by a huge margin. Some of the top performers this afternoon are:
GrowGeneration Corp [NASDAQ: GRWG]
GrowGeneration Corp is a top performer this afternoon and is up by 40%. This follows the company’s release of strong Q2 results. The company reported that in the quarter, it had a revenue of $43.5 million and a net income of $2.6 million. The company also raised its revenue guidance for the year 2020 to between $170 million and $175 million. Breaking down the numbers, the company stated that revenue in Q2 rose by 123% from $19.5 million in the second quarter of 2019 to $43.5 million The company also announced that the gross profit increased by 99% from $5.8 million in Q2 of 2019 to $11 .6 million in Q2 of 2020. The company also reported that its GAAP net income per share also improved from $0.4 in 2019, t $0.7 in Q2 of 2020.
Scienjoy Holding Corporation [NASDAQ: SJ]
Scienjoy Holdings Corporation is another top gainer this afternoon and is up by 20%. This follows the company’s announcement that it had signed an agreement that would see it buy BeeLive, nd expand its global presence. Commenting on the deal, the company’s CEO Victor He stated that they were happy with the deal and that they were confident that the deal would help the company grow its shareholder value. He added that the deal was a win-win for both companies.
EXP World Holdings Inc. [NASDAQ: EXPI]
EXP World Holdings Inc is another top gainer this afternoon and is up by 13%. Its rally is price action at play after yesterday’s bullish continuation pattern. Volumes are high too and are supporting the company’s price action.