The markets have started the day in positive territory, and the S&P 500 is trading close to record highs. This comes amidst rising optimism that a COVID-19 vaccine is close. There is also the fact that market dynamics point to economic resilience despite the pandemic.
The markets are also looking forward to a host of economic data both on the economy and company earnings. On the economic front, some of the key data that the market is awaiting is on the home sales report and the FOMC minutes for the July meeting.
Home sales are largely expected to be high due to the low-interest rates environment that has prevailed for some time now. Looking into individual, stocks, companies that have announced strong quarterly earnings have shown the most potential pre-market, are likely to remain strong all through the day. Some of the biggest gainers this morning that are likely to remain strong all through the day are as below:
Comstock Mining Inc [NYSE: LODE]
Comstock was gaining upside momentum all through pre-market trading, and at one point was up by 86%. The rally follows the company’s release of strong Q2 results. The company reported a net income of $1.3 million, which represents an income of $0.05 per share. It’s significantly higher than the loss of $2.1 million that it reported in Q2 of 2019.
The company also reported a number of strategic moves that it made in the quarter. Some of them include investments in multiple high potential companies. For instance, the company made investments in Tonogold Resources Inc and Mercury Clean Up LLC. The company also announced that it had made a strategic decision to sell non-mining properties in Silver Springs. Given that Q2 has been difficult for a lot of companies, the swing to profitability points to fundamental strength, and could see LODE emerge as one of the day’s top gainers.
LMP Automotive Holdings Inc [NASDAQ: LMPX]
LMP Automotive Holdings Inc was up by 50% in pre-market trading and looks set to extend those gains in the day. Its bullish price momentum follows last week’s announcement of strong Q2 results. The company announced that quarterly revenues grew by 44% to stand at $7.7 million. The company also reported that gross profits for the quarter increased by 85% to stand at $1.5 million.
The company’s cash position was also stable in Q2, closing the quarter with a cash position of $17.7 million. CEO, Sam Tawfik stated that the numbers were a reflection of the huge opportunity that exists in the industry. With such prospects for good performance in the near-term, this stock could remain strong today, and in the foreseeable future.